NEW DELHI – Prannoy Roy, the famous NDTV journalist and political expert, has been caught by India’s Income Tax officials for siphoning a huge sum of Rs53.84 crores in his personal account.

The famous journalist may face an imprisonment term from three to seven years, along with other criminal offences like conspiracy and fraud under the IPC, as the money is declared unaccounted and violates the Prevention of Money Laundering Act (PMLA).

The official IT report indicates that a total of Rs. 53,84,60,960 ($8 million) was shifted from RRPR Holdings via a cheque numbered 84219 of Syndicate Bank (Hauz Khas Branch, Delhi) Account No: 10006971 to Prannoy Roy’s account, according to the reports in Indian media.

The money went to the shell company RRPR, Prannoy Roy and his wife Radhika have 50 percent shares holdings, on March 8, 2010 from Reliance Group linked company VCPL for increasing the shareholding in NDTV from 26% to 29.19%. This fake company controls NDTV and Income Tax & the ED has already dug up several cases of frauds in duping shareholders and investors.

The matter is currently under investigation.