Devas Multimedia CEO Declared As Fugitive Economic Offender
Court has declared Devas CEO as Fugitive Economic Defender with 8 others. He is accused of diverting 85% of ₹579 crores received from ISRO’s arm Antrix to the USA.
Bengaluru’s Special Court has announced that Ramachandran Vishwanathan, the CEO of Devas Multimedia Private Limited, has been declared a Fugitive Economic Offender (FEO).
One of the defendants in a case filed by the Directorate of Enforcement (ED) under the Prevention of Money Laundering Act is currently under investigation.
Nine individuals have been accused in the 2018 case of diverting 85% of the Rs 579 crore gained from ISRO’s commercial subsidiary Antrix Corporation to the USA.
In 2011, the government canceled the agreement between Devas and ISRO, which would have allowed Devas to utilize two ISRO satellites to offer multimedia services in faraway areas. In 2021, the National Company Law Tribunal announced the liquidation of Devas Multimedia.
CBI initiates case against accused, followed by separate case filed by ED. In the case, Vishwanathan has been identified as the second accused.
In a recent development, special public prosecutor P Prasanna Kumar has urged Judge K L Ashok of the 21st Additional City Civil and Sessions Judge, who is also the Special Judge for CBI cases, to declare Vishwanathan a FEO and seize his properties.
This request was made on Thursday during the court proceedings. A non-bailable warrant was filed against Vishwanathan on Thursday by the court after he failed to present himself before it despite being served with summons. NBW remains active, according to sources.
According to the court, Vishwanathan is clearly subject to the requirement under Section 2(F) of the Fugitive Economic Offender Act.
In a recent court ruling, convicted number two Ramachandran Vishwanathan has been designated a fugitive economic offender under the Fugitive Economic Offenders Act, 2018.
The decision was made after the Directorate of Enforcement, Bengaluru zonal officer filed an application on May 4, 2022, under Section 10 and 12 of the act.