New Delhi: BJP has accused a news website of conspiring against the country. Sambit Patra has alleged that a website named ‘Newsclick’ is working to defame India. Following this, the Enforcement Directorate’s investigation in a money laundering case against media portal Newsclick states that the company has allegedly made Rs 9.59 crore in FDI to news media outlets at artificially inflated prices in violation of foreign direct investment norms. Laundering of funds up to Rs.
The ED said that it is also required that the CEO of the company should be an Indian citizen and all foreign employees working for more than 60 days will need security clearance. Sources in the probe agency pointed to financial dealings with Neville Roy Singham, a foreign national and based in China. Also through WWM, PPK infuses funds into Newsclick Studio Pvt.
26 per cent FDI
At the same time, in September 2019, the government had announced a 26 percent foreign direct investment (FDI) cap under the government approval route in Digital News. People with more equity needed to bring it down. The commerce ministry had decided to liberalize the FDI regime for entities engaged in the news digital media sector and these entities have been allowed FDI up to 26 per cent through the government approval route.
Sources said investigation has revealed that businessman Singham is the major source of funding of Rs 28.46 crore, which PPK Newsclick Studios Pvt Ltd had allegedly received from abroad between 2018 and 2021. ED sources said Singham was associated with the propaganda wing of the Communist Party of China (CPC). ED probe talks of ‘suspicious money, dubious character and China connection’.
The Economic Offenses Wing of Delhi Police had registered an FIR on the basis of which the ED raided the premises of NewsClick in February this year. It was alleged that PPK Newsclick Studio Pvt Ltd received Foreign Direct Investment (FDI) of ₹9.59 crore from M/s Worldwide Media Holdings LLC USA during the financial year 2018-19.
Also read: BJP alleges conspiracy against the country on ‘News Click’ website, said – funding of 30 crores was done from abroad