<p>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.<br /><br />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.<br /><br />"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.<br /><br />"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.<br /><br />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.</p>
<p>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.<br /><br />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.<br /><br />"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.<br /><br />"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.<br /><br />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.</p>