Former TV9 CEO Ravi Prakash will be filing Rs 100 crore defamation suit against YS Vijayasai Reddy, Rajya Sabha MP and YSRCP General Secretary. The statement was issued by Ravi Prakash’s manager who said that YSRCP MP has made false allegations by getting carried away by the media reports.

Reportedly, Vijaysai Reddy has written a letter to the Chief Justice of India stating that Ravi Prakash has amassed illegal wealth through money laundering which needs to be investigated. “This is to bring to your kind notice that Ravi Prakash, who is in the electronic media business, has misused and abused his position to blackmail and extort unaccounted money and assets in exchange for various favours in news channels and social media platforms,” the letter states.

Ravi Prakash files Rs 100 cr defamation on Vijaysai Reddy

“He illegally acquired a lot of unaccounted wealth which he has stashed in foreign countries which amounts to serious offences under the provisions of Prevention of Money Laundering Act (PMLA) and Foreign Exchange Management Act (FEMA), RBI Regulations, Income Tax Act (IT Act) and other such laws,” the YSRCP MP alleged.

“In 2009, Ravi Prakash had purchased ordinary shares amounting to 90% of the total shareholding in Kampala Siti Cable Limited for consideration of Rs 34 per share. However, in the very same year, other parties had purchased the same ordinary shares amounting to 10% of total shareholding for consideration of Rs 140 per share,” Vijayasai added.

Ravi Prakash manager counter 

However, Ravi Prakash manager has called the statement given by YSRCP MP VIjaysai Reddy as baseless. “There is no truth in Vijayasai Reddy’s allegation. My Home Rameshwara Rao and Megha Krishna Reddy acquired TV9 through illegal ways and their trusted person Rama Rao has complained against Ravi Prakash to authorities. Vijayasai Reddy used this same letter to make wild allegations,” informed Ravi Prakash manager.