# Tags

Ravi Prakash Diverted TV9 Funds Into His Bank Account

Amidst the arrest of TV9's former CEO Ravi Prakash and former CFO MKVN Murthy, it is buzzed that what could be the reasons for their sudden arrest. As per the complaint filed by ABCPL which owns TV9, it is alleegd that a total of 18.31 Crore has been siphoned off "illegally" by its former directors V Ravi Prakash, MKVN Murthy and Clifford Pereira. In its complaint to Banjara Hills police on Oct 4th, 2019, ABCPL accused its former CEO Ravi Prakash and former CFO MKVN Murthy and director Clifford Pereira of diverting funds and resorting to financial fraud in the company.

"During the verification of records and account statements since June 2019 by new Board of Directors, it has come to light that Mr. V. Ravi Prakash and Mr. M.K.V.N. Murthy fraudulently drawn huge sums and also paid to Mr. Clifford Pereira by abusing the authority and signing the instruments," said ABCPL in a statement to Banjara Hills police.

ABCPL alleged that Ravi Prakash and Murthy had paid themselves without taking approval of Board of Directors and thus misused the cheque power. It further alleged the Criminal Breach of Trust reposed on them by the Shareholders/Company.It said the transfer of amounts is done with a "dishonest and fraudulent intention" to cause "wrongful loss" to the company and consequent wrongful gain to themselves by playing deception on the company and later on as an "afterthought coloured it as bonus/ Exgratia" with antedated documents without passing a proper board resolution.

The firsm said the Board of Directors at the meeting held on 24th September,2019 had detailed deliberations about the fraudulent withdrawal of the said amounts and decided to file the complaints and initiate the legal appropriate legal proceedings to recover the above said amounts. Below are the details of the withdrawals of the accused.

Ravi Prakash – 6,36,00,000/-

MKVN Murthy – 5,97,87,500

Clifford Pereira – 5,97,87,500

Total – 18,31,75,500

It can be noted that Alanda Media and Entertainments had acquired the 90.54 shares of ABCPL and it had removed Ravi Prakash and Murthy from their respective posts in May 2019 and removed them as the Wholetime Directors at ABCPL. Subsequently, it has ordered probe against Ravi Prakash.

Meanwhile, Ravi Prakash has been maintaining that he is innocent and alleging that he is being framed. He is alleging that  a 'mafia' is trying to capture media and took complete control of it.




Leave a comment

Your email address will not be published. Required fields are marked *