Bengaluru Court Pronounces Devas Multimedia CEO As A Fugitive Economic Offender

A Special Court in Bengaluru has recently declared Ramachandran Vishwanathan, the Chief Executive Officer of Devas Multimedia Private Limited as a Fugitive Economic Offender.

Ramachandran Vishwanathan, one of the 9 accused, has been declared a Fugitive Economic Offender (FEO) in a case filed under the Prevention of Money Laundering Act by the Directorate of Enforcement.

In the 2018 case, the accused involves the diversion of 85% of the ₹579 crore received from Antrix Corporation, the commercial arm of ISRO, to the USA.

The deal, which aimed to utilize ISRO’s satellites for multimedia services in remote areas, was terminated by the government in 2011.

Devas Multimedia, the company involved in the deal, was liqFuidated by the National Company Law Tribunal in 2021.

Following the initiation of a case by the Central Bureau of Investigation (CBI), the Enforcement Directorate (ED) filed a separate case, with Vishwanathan being the second accused in the matter.

During a hearing before Judge KL Ashok of the 21st Additional City Civil and Sessions Judge, who is the Special Judge for CBI cases, the special public prosecutor P Prasanna Kumar requested the declaration of Vishwanathan as a fugitive economic offender, with the confiscation of his properties.

The court noted that Vishwanathan had been served with summons, but upon his failure to appear, a non-bailable warrant that was issued against him, which remains active.

The court said that, “Therefore, the requirement under Section 2(F) of Fugitive Economic Offender Act is clearly applicable to Vishwanathan.”

Consequently, while declaring him a FEO, the court stated that , “The application filed by the Directorate of Enforcement, Bengaluru zonal officer, dated May 4, 2022 under Section 10 and 12 of Fugitive Economic Offenders Act, 2018 is allowed and accused number two Ramachandran Vishwanathan has been declared a fugitive economic offender.”