New Delhi: Euro Exim Bank, a prominent international bank headquartered in St. Lucia with a representative office in London, has issued a legal notice to Ravi Prakash, Editor and Publisher of RTV Telugu, a popular Telugu-language news channel. The bank has demanded an immediate public apology, removal of defamatory content aired on the channel concerning Megha Engineering, a valued client of Euro Exim Bank and Rs100 crores in damages.
The legal notice, issued by Advocate BSV Prakash Kumar from Bethala & Bethala Law House in Chennai, was sent in response to a broadcast aired on July 14, 2024, which the bank alleges contained false and damaging statements. The broadcast, titled “Mega Scam 2024,” accused Euro Exim Bank of being a “Donga Financial Institution” (thief financial institution) and of issuing “Donga/Fake Bank Guarantees,” claims which the bank vehemently denies.
Key Allegations and Demands
Defamatory Statements: The broadcast allegedly described Euro Exim Bank as a fraudulent entity and its bank guarantees as fake. The notice refutes these claims, asserting that Euro Exim Bank is a legally licensed Class ‘A’ international bank under the laws of St. Lucia, fully compliant with all regulatory requirements.
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Misrepresentation of Financial Status: The broadcast, as per the notice, inaccurately portrayed the bank’s net worth as INR 8 crore, whereas the actual net worth, as per financial records for the fiscal year 2023-24, exceeds INR 1900 crore. This misrepresentation was cited as a deliberate attempt to tarnish the bank’s reputation.
Accusations of Illicit Fee Collection: The broadcast, the notice says, suggested that the bank collected fees through illicit means such as ‘hawala’ transactions. The legal notice clarifies that all fees are collected via legitimate bank transfers, strictly adhering to legal and regulatory standards.
Call for Public Apology and Retraction: The notice demands that Ravi Prakash and RTV Telugu issue a public apology and remove the defamatory content from all media platforms. Failure to comply within 15 days will result in a defamation lawsuit seeking damages of INR 100 crore and possible civil and criminal proceedings.
The notice claims that allegations aired by RTV Telugu have not only affected the reputation of Euro Exim Bank but also caused distress to its client, Megha Engineering. The story will be updated upon a public statement by Ravi Prakash Velichetti, or RTV Telugu.
