Hyderabad: Telangana police officials have filed a criminal case of forgery and cheating against TV 9 CEO V Ravi Prakash. The charges came to light when Police sleuths raided the TV 9 offices and Ravi Prakash's residence both in the vicinity of Banjara Hills Police station in Hyderabad on Thursday based on a complaint by Pulluri Kaushik Rao.
It is being reported that Ravi Prakash had diverted company funds and also forged the signature of Pulluri Kaushik Rao, one of the directors of Alanda Media & Entertainments Private Limited which had recently bought an 80% stake in TV 9 recently. Telangana police officials are on the lookout for Ravi Prakash, who is said to be abroad.
Speculation was rife that Chintalapati Srinivasa Raju, popularly known as Srini Raju, the major investor in ABCL under the aegis of his investment firms iLabs Ventures and Chintalapati Holdings was planning to sell his stake in TV9. This was confirmed by Srini Raju who told a leading business daily that the value of the entity was pegged at Rs 450 Crore and was almost done
It is said that four investors, including two major international investment funds have come together to buy out the over 80 per cent stake. He had been holding stakes in TV9 for over 14 years and it was reported that Ravi Prakash would retain the leadership of ABCL, as the CEO.
Apparently Ravi Prakash had also started a parallel company which is running a Telugu news and entertainment portal targeted at the NRI audience functioning in the same premises as the TV 9 office.
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