The Central Bureau of Investigation on Tuesday examined the person on whose complaint it has registered a case of alleged ₹48 crore loss to ICICI Bank, owing to the slashing of interest rate on a ₹375 crore loan to a company belonging to NDTV founder Prannoy Roy and his wife Radhika.
“Complainant Sanjay Dutt of Quantum Securities, a shareholder in both the bank and NDTV, was examined by the investigating team in connection with the allegations,” said a CBI official, adding that the accused would also be quizzed in due course.
The CBI has approached the ICICI Bank authorities seeking all the papers and correspondence related to the loan granted to RRPR Holding Pvt. Limited, in which Mr. Roy and his wife are promoters, and also the names of officials who were part of the entire process of sanction, disbursal and closer of the loan account.
The company promoters had allegedly pledged their entire NDTV shares to the bank as security.
Cut in interest rate
The case alleges that the bank had drastically reduced the interest rate from 19 to 9.5% per annum on the loan that as per the agreement was payable in three years.
However, the loan was repaid within just 10 months. The agency is probing the exact source of funds used for repayment.
CBI’s denial
On Tuesday, the CBI issued a strong denial of the NDTV statement alleging witch-hunt. The agency said searches on the premises of the accused were conducted based on search warrants issued by a competent court.
“The CBI has not conducted any search of registered office of NDTV, media studio, newsroom or premises connected with media operations. The CBI fully respects the freedom of press and is committed to the free functioning of news operations,” it said.
The agency said, “Denigrating the allegations at this stage of investigation and wrongly accusing the agency of acting under pressure is uncalled for and an attempt to malign the image of the CBI. The investigation is being conducted as per the due process of law and under the jurisdiction of the court of law.”
‘Wrongful gain’
Stating that it was not a case of loan default, the CBI said it was related to the “wrongful gain” of ₹48 crore to the promoters and RRPR Holding and a corresponding “wrongful loss” to ICICI bank arising out of “their collusion and criminal conspiracy.”