The latest case filed by Enforcement Directorate authorities against former chief executive officer of popular Telugu television channel TV9 is said to have dampened his plans to make a re-entry into the media world.
On Wednesday evening, the ED authorities booked a case against Ravi Prakash under the Prevention of Money Laundering Act (PMLA) on the charges of alleged siphoning of funds from the company.
The case filed by the ED follows a complaint lodged by the management of Associated Broadcasting Company Limited in October 2019 that he and two of his associated had withdrawn Rs 18 crore from the company unauthorizedly in the name of bonus.
The Banjara Hills police had already booked a case in this regard and arrested Ravi Prakash.
The company had alleged that two others had fraudulently withdrawn money from the company between September 2018 and May 2019. Based on this FIR, the ED has also registered a case and is likely to issue summons.
The ED case comes at a time when Ravi Prakash was making efforts to launch a new television channel and was on the lookout for some potential investors.
“While the project report was being apprised by some investors, the Coronavirus pandemic has set in and the efforts have come to a halt. Had there been no Corona virus situation, Ravi Prakash would have launched a new channel by now,” sources said.
However, with the ED stepping in tightening the noose around Ravi Prakash, it is unlikely that the investors would come forward to fund his project, even after the Coronavirus subsides, sources added.
