Probe Into ICICI Loss, Not Loan Default: CBI Replies to NDTV Claim

The CBI said its raids weren’t an attempt to muffle the media since searches weren’t conducted at the media house.

The residence of founder and executive chairman of NDTV, Prannoy Roy, where the Central Bureau of Investigation (CBI) conducted raids in connection with a case in New Delhi on Monday. (Photo: PTI) 

The CBI issued a statement after NDTV released their statement on Monday evening, claiming that the CBI doesn't have jurisdiction over private banks like ICICI.

Justifying its raids at the offices and residents of NDTV promoters Prannoy Roy and Radhika Roy over a loss of Rs 48 crore caused to ICICI bank and consequent gain by RRPR – an entity owned by the promoters – the CBI said an SC ruling brings private bank officials under ambit of CBI/Prevention of Corruption Act.

NDTV in its statement questions the jurisdiction of CBI by stating that ICICI is a private bank. It is clarified that the Honourable Supreme Court in the case of Ramesh Gelli vs CBI of 2016, held that the provisions of Prevention of Corruption Act, 1988 are applicable to the officials of private banks. Therefore, CBI has jurisdiction to take up investigation of the cases of private banks.

CBI Statement

Also Read: Editors Guild Condemns Attempts to “Muzzle Media” After NDTV Raid

Rejecting accusations of trying to muffle the media, the CBI said that the searches were not conducted at the registered office of NDTV, media studio, news room or premises connected with media operations.

The investigating agency said that its probe doesn't pertain to loan defaulting but related to the "wrongful gain of Rs 48 crore to the promoters – Dr Prannoy Roy, Smt Radhika Roy, M/s RRPR Holdings Pvt Ltd and a corresponding wrongful loss to the ICICI bank arising from their collusion and criminal conspiracy. "

In its official statement, NDTV and its promoters said that the loan was repaid to ICICI by Prannoy and Radhika Roy more than seven years ago.

Also Read: FIR Accuses Prannoy Roy, ICICI Officials of Corruption, Conspiracy