Washington: A leaked US diplomatic cable has said that Bollywood welcomed funding from gangsters and politicians, known in India as "black money."
While there is no direct reference of Dawood Ibrahim which allegedly financed a number of movies, the cable said that in recent decades, the Bollywood film industry has been associated with the notorious Mumbai underworld, at the nexus of gangsters, money, and politics.
According to Jehil Thakkar, Head of Media and Entertainment for (KPMG), this association stemmed from the financing needs of the industry; until 2000, by government fiat, the film industry was ineligible for bank credit, private equity, and other means of legitimate commercial financing.
"As a consequence, films were financed by ad hoc collections of investors, many of whom were from the construction and trade industries, who charged interest rates as high as 60-100 per cent.
"The industry also welcomed funds from gangsters and politicians, looking for ways to launder their ill-gotten gains, known in India as "black money", said the cable issued by the US Consulate in Mumbai, released by WikiLeaks.
After the government added the film industry to the list of legitimate industries, the corporatisation of Bollywood - and the wider entertainment industry - began," the cable said.
While there is no direct reference of Dawood Ibrahim which allegedly financed a number of movies, the cable said that in recent decades, the Bollywood film industry has been associated with the notorious Mumbai underworld, at the nexus of gangsters, money, and politics.
According to Jehil Thakkar, Head of Media and Entertainment for (KPMG), this association stemmed from the financing needs of the industry; until 2000, by government fiat, the film industry was ineligible for bank credit, private equity, and other means of legitimate commercial financing.
"The industry also welcomed funds from gangsters and politicians, looking for ways to launder their ill-gotten gains, known in India as "black money", said the cable issued by the US Consulate in Mumbai, released by WikiLeaks.
Advertisement
Advertisement
COMMENTS
Advertisement
"He Wants 100% Attention": India Olympic Equestrian Hope Anush Agarwalla Compares Horses To Humans Poco M6 5G 64GB Storage Variant Launched in India: Price, Availability "Reaping What He Had Sown": Ex-India Star's Blunt Take On Amit Mishra's Remarks At Virat Kohli Review: Bad Newz Relies On Vicky Kaushal To Pull It Out Of The Fire Highlight Of Priyanka's Birthday Party In Australia - Dosa Truck For Crew The Big Surprise In Stree 2 Trailer: A Cameo By Tamannaah Watch: Anand Mahindra Praises Elderly Man For His Unique Cycle Designs Windows Showing Blue Screen Of Death Error? Here's How You Can Fix It Microsoft 'Blue Screen Of Death' Outage: Full List Of Services Hit In India Track Latest News Live on NDTV.com and get news updates from India and around the world.