Hyderabad: The III Additional Chief Metropolitan Magistrate Court turned down the plea of Banjara hills police seeking custody of former TV9 CEO V Ravi Prakash. Police recently arrested him in connection with a case of forgery, cheating and misappropriation of funds.
The police had moved the court seeking Ravi Prakash's custody for ten days for further investigation into the case. But the petition was dismissed.
Earlier, ABCPL, that took over TV9 news channel, had lodged a complaint stating that Ravi Prakash along with an associate MKVN Murthy had diverted funds to the tune of over Rs 18 crores from the official accounts of TV9 into their personal accounts. The transactions had taken place without the approval of the directors and the board members, during the previous financial year. At this time, Ravi Prakash was the CEO of the channel. Misusing his office, he had resorted to misappropriation of funds, they alleged.