Hyderabad police arrests former TV9 CEO Ravi Prakash
MUMBAI: Hyderbad’s Banjara Hills police has arrested former TV9 News Network CEO Ravi Prakash in connection with an alleged Rs 18 crore cheating case. Former TV9 CFO MKVN Murthy has also been taken into custody.
Based on a complaint lodged by the new management of Associated Broadcasting Company Limited (ABCL), the Banjara Hills police registered a case against Ravi Prakash under various sections of Indian Penal code including cheating and criminal breach of trust.
ABCL has alleged that the Ravi Prakash and Murthy withdrew huge amounts from the bank accounts of the company from September 2018 to May 2019 without board approval. They allegedly withdrew the money without permission and claimed it to be their bonus.
Alanda Media and Entertainment, the new owners of TV9, had acquired 90.54% of the shares in the ABCL in August 2018. Subsequently, Ravi Prakash, who owns a minor stake in the company, was sacked as the CEO in May this year.