The Income Tax Appellate Tribunal (ITAT) has held the founder of NDTV Prannoy Roy responsible in a money laundering case. He has allegedly laundered Rs 642 crores with the help of the Ministry of Corporate Affairs, who assisted in hiding financial information of the foreign shell companies in 2009, according to reports.
These companies were floated and used for money laundering. According to reports, NDTV and its promoters laundered a massive amount f Rs 1,100 crore of black money during 2007-08 to 2009-10. Out of this Rs 642 crore worth of black money has been confirmed.
The ITAT order read,“ The ITAT confirmed the finding of the income Tax Department that Prannoy Roy made conscious attempt to hide financial details of foreign paper subsidiary companies of NDTV by not attaching audited profit loss account, balance sheet and annual report of these foreign shell companies along with annual report of NDTV,” the report adds.
The reports also claimed that the Ministry of Corporate Affairs exempted NDTV even before Roy filed an application seeking exemption for not making disclosure of financials of foreign companies misinformed shareholders and other regulatory authorities on April 30, 2009.
Central Bureau of investigation (CBI) has previously searched Prannoy Roy’s house in Delhi and Dehradun for for allegedly causing loss to a private bank.
Roy, his wife Radhika and RRPR holdings have allegedly caused a Rs 48 crore loss to ICICI Bank. The CBI had registered a case against them for this, according to reports. The agency carried out searches at four places in New Delhi and Dehradun.