Delhi, 28 December: In a massive revelation by news blog website PGurus.com, NDTV’s Director and Executive Vice Chairperson K V L Narayan Rao has confessed before Income Tax Department about floating shell companies in Holland and routing money illegally by violating the FDI norms in India.
In the 33 page confession before the Income Tax officials, K V L Rao confesses how NDTV laundered money through Netherlands and violated the FDI norms by entering into GE group linked firm. The 54 page document of Income Tax makes a good reason for registering a case under Prevention of Money Laundering Act (PMLA) against NDTV owner Prannoy Roy and his gang which envisages imprisonment of three to seven years.
Analysing the statement of confession by Rao, Income Tax department says in Page No. 6: “In this regard, it is pertinent to mention that the statement of Mr. K V L Narayan Rao, Director of the assessee company (NDTV) and the then Group CEO, was recorded under on oath under section 131 of the Act on July 23, 2015, copy of which is enclosed. In this statement, in response to question No.3, when asked about the rationale of incorporation of plethora of foreign subsidiaries, he admitted that the foreign subsidiaries were incorporated to circumvent the restriction imposed by Indian regulations, which confined the foreign direct investment in news channel companies to a maximum of 26 percent,” said I.T Department how 150 million dollar from US based GE Group company was flown illegally to NDTV through Netherlands.
KVL Rao’s confession can be read from Page 17 to 21 on routing money illegally through Netherlands. In the statement, Rao admits the role of NDTV’s Managing Editor Vikram Chandra’s in floating a shell Company in London to route money, a company in which Barkha Dutt and Sonia Singh are also associates. KVL Narayan Rao admits how NDTV floated shell companies across the world during P Chidambaram’s tenure as Finance Minister in the UPA Government and routed money through tax havens like Cayman Islands and British Virgin Islands.
The full document exposing the nexus can be seen here. This evidence is provided by Pgurus.com in their article exposing the entire scam.