HYDERABAD: The Banjara Hills police have taken into custody former CEO of TV9, V Raviprakash in a fresh case of cheating by allegedly diverting Rs 11.75 crore funds from one account to another account without informing new management of TV9.
According to police, the new management, the Alanda Media and Entertainment Private Limited, has lodged a complaint with police stating that the former CEO V Ravi Prakash and ex-finance officer M.K.V.N. Murthy has indulged in drawing huge sums from the bank accounts of the company without substantiating any entitlement under law, without following the prescribed procedure.
In the complaint, the Alanda media alleged that the former CEO duped them by diverting funds without providing any calculations and proper approval of Directors and Shareholders which amounts to cheating, gross misappropriation of funds, causing wrongful loss to the company and getting personal benefit at the cost of the company.
Based on complaint, Police have registered cases of cheating and taken Raviprakash into custody for questioning in connection with the case.
Earlier, Police had registered cases on Raviprakash and others for allegedly indulging in forgery of documents.