Ravi Prakash, former CEO of TV9 group of channels was sent to judicial custody on Saturday along with former Chief Financial Officer MKVN Murthy for 14 days. This was after they were questioned by the Banjara Hills police station in connection with complaints filed by Alanda Media & Entertainment Pvt Limited which now owns the TV9 group.
The new management had alleged that Ravi Prakash and Murthy had withdrawn Rs 18.31 crore from the bank accounts of the company between September 2018 and May 2019 without the permission of other directors of the company.
In its complaint to the police on 4 September 2019, the company claims that 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/ex-gratia with antedated documents.”
The company claims that the amount “misused” is equivalent to the profits of two financial years 2017-18 and 2018-19. The duo has been accused of forgery, cheating and criminal breach of trust as well in another case.
Ravi Prakash who launched the TV9 channel in Telugu in 2004 was sacked as CEO in May this year by the new management. Alanda Media is promoted by Jupally Rameshwar Rao of the My Home group while Ravi Prakash has a 8.25 per cent stake in the company. He had been appearing before the police for questioning since June. He has alleged that the takeover of the company was not done in a fair manner.