The Roys moved out an equivalent amount from RRPR’s bank account, it alleged. Within a year, ICICI settled for foreclosure of the loan, agreeing to a part-waiver of interest that allegedly resulted in a loss of Rs 48 crores for the bank, the CBI’s formal investigations launched last week said. In 2008, ICICI Bank gave the private holding company a loan of Rs 366 crore on personal guarantees of the Roys who pledged their NDTV shares that were valued more than the prevailing price at the Bombay Stock Exchange. The Central Bureau of Investigation (CBI) searched on Monday the offices and homes of NDTV founder Prannoy Roy over allegations of defrauding a bank, a move the news broadcaster denounced as a “witch-hunt” to muzzle free speech.įederal agents named Roy, his wife Radhika and a private company linked to NDTV – RRPR Holding Private Ltd – among others in a criminal case for allegedly causing losses to ICICI Bank.
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