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Links of conman ‘Sherpuria’, who was arrested for fabricating access to PMO, find their way to a start-up by NDTV’s former Co-CEO, ED takes action: What happened

The agency searched MyySports Pvt Ltd's offices in Delhi NCR earlier this month and froze its fixed deposits totalling more than Rs 4.6 crore. The ED is looking into the business for allegedly storing Sherpuria's cash; Saurav Banerjee, a former Co-CEO and CFO of the NDTV Group formed and oversees it.

The Enforcement Directorate (ED) is conducting a search into a sports-tech start-up operated by a former top NDTV executive in connection with its money laundering investigation against suspected conman Sanjay Prakash Rai ‘Sherpuria’. 

The agency searched MyySports Pvt Ltd’s offices in Delhi NCR earlier this month and froze its fixed deposits totalling more than Rs 4.6 crore. The ED is looking into the business for allegedly storing Sherpuria’s cash; Saurav Banerjee, a former Co-CEO and CFO of the NDTV Group formed and oversees it.

Late last month, the Special Task Force of the Uttar Pradesh Police arrested Sherpuria for allegedly fabricating his access to the Prime Minister’s Office and deceptively misusing the PM’s name for private advantage.

“Sherpuria received money from a number of businessmen in various forms on the promise of helping them with issues related to the government. These funds have been parked in various companies. One of these is MyySports. We have frozen two separate FDs of the company to ensure the funds are not diverted until the investigation is complete,” an ED official said.

Meanwhile, a spokesperson for MyySports Pvt Ltd commented on the issue and said that the company was not at all aware of the alleged conman’s antecedents. It also said that it was shocked and surprised after knowing about Sherpuria’s arrest.

“Sherpuria’s family invested Rs 3.50 cr on the same terms as other investors in the latest round of funding in February 2023. Against the said investment, Compulsorily Convertible Preference Shares were allotted to the investors, including to Sherpuria’s family, on an arm’s length basis. The price at which the shares have been allotted to Sherpuria’s family is the same as that of shares allotted to other investors,” the spokesperson was quoted as saying.

“None of the directors or officers of the Company had any knowledge of any allegations now being made against Sherpuria. The company has no other dealings with him other than this investment,” he added stating that the company is co-operating with the investigation.

The company claims that MyySports is in the business of creating, managing, operating, and disseminating international digital platforms and multimedia content. MyySports was formed in December 2020 with an authorized capital of Rs 14 lakh and a paid up capital of Rs 8.54 lakh, according to paperwork submitted to the Registrar of Companies. In addition to Banerjee, who serves as the company’s managing director, there are six other directors.

Sherpuria was arrested by the UP STF last month on suspicion of defrauding entrepreneurs by falsely claiming to be connected to Cabinet members and Prime Minister Narendra Modi. The UP STF move was conducted in response to a tip from ED, which had already started questioning the individual.

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OpIndia Staff
OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

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