Ravi Prakash’s financial scam reaches Uganda

It seems there’s no end to Ravi Prakash’s financial escapades. He has not just fleeced TV9 and its investors, but also he has also siphoned off funds in a  big way. He has resorted to embezzlement even in Uganda and Kenya, if the recent revelations are believed. According to highly placed sources, Ravi Prakash resorted to large-scale irregularities even in buying the shares of Kampala City Cable Ltd of Uganda. Even in Uganda, he duped his business partners and has amassed lot of ill-gotten wealth.Here’s the big breaking news. It is now coming to light that he has taken over highly valued cable businesses in Uganda for throwaway prices. He has allegedly diverted TV 9 funds into the cable business in Uganda which fetched him up to Rs 1 crore every month.

The agreement was entered into on November 27, 2009 and he bought the shares from MS Parthasarthy, who founded the company with over 10000 connections. The reports further say that he has acquired 90 per cent stakes in Kampala City Cable for just Rs 81 lakh. His partner had to pay a whopping Rs 33 lakh for 10 per cent stakes. While the partner has paid up to Rs 140 per share, Ravi Prakash got them for himself at just Rs 35 apiece.  The per cable connection rate in Uganda is around Rs 1700. One can very well imagine the kind of profits Ravi Prakash made in Uganda.

The most interesting part of the whole episode is that the monthly revenue of the cable company was around Rs 1.7 crore and the profit was around Rs 1 crore per month. That works out to Rs 12 crore profits a year. Now the question is – who will sell a business that gives Rs 12 crore profit for just Rs 81 lakh?

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