As the sun set over Mumbai, New Delhi, and Gurugram on Tuesday, officials from Competition Commission of India continued to search offices of GroupM, Publicis, Dentsu, Madison and IPG. The agencies find themselves at the center of a relentless investigation into price-fixing and colluding with broadcasters to set advertising rates. But what began as a crackdown on media agencies has now spiraled into a much larger probe.
The raids finally ended on Wednesday morning when agency CEOs where allowed back into their swanky cabins. Inside the glass-walled offices of these advertising giants, a long and tense night unfolded. CEOs and senior executives were confined to their boardrooms under the watchful eyes of CCI officials. Sleep was a luxury none could afford as investigators meticulously cloned electronic devices, scrutinized hard drives, and pored over stacks of insertion orders and rate agreements.
“The officials didn’t just stop at emails,” an industry insider revealed. “They went straight for call data records. Every phone call, every text message—it’s all under scrutiny. The level of detail in this investigation is unprecedented.” But in the process, investigators stumbled upon something even bigger—digital evidence that hinted at potential involvement of Big Tech firms in digital media-buying deals.
Sources close to the investigation disclosed that this evidence also suggests major technology firms may have influenced ad pricing, digital media spending, and long-term media-buying agreements. If confirmed, this could expose an intricate web of anti-competitive behavior, with tech giants colluding with media agencies to dominate the digital advertising ecosystem.
Executives of industry bodies Indian Broadcasting and Digital Foundation (IBDF), the Advertising Agencies Association of India (AAAI), and the Indian Society of Advertisers (ISA) were caught off guard as investigators swiftly sealed office premises, confiscated mobile phones, and began combing through emails, financial records, and internal communications.
The raids are the culmination of a months-long covert investigation into allegations that top ad agencies conspired to fix advertisement rates, eliminating fair discounts and rigging the market. The CCI had been silently gathering intelligence, monitoring irregularities, and waiting for the right moment to strike. The tip off which connected the dots from a GST probe at a leading media agency.
An anonymous source close to the investigation disclosed, “This wasn’t just a routine operation. It was a well-planned, high-intensity probe, designed to uncover the extent of coordination between agencies. The authorities knew where to look and whom to target.”
If found guilty, the accused firms could face catastrophic financial penalties—up to three times their profits for the duration of the alleged misconduct or 10% of their total revenue, whichever is higher. The fallout could send shockwaves across the industry, disrupting partnerships and changing the way media buying operates in India.
On Wednesday morning, investigators packed up hard drives, cloned phone data, and evidence logs, leaving behind a trail of shaken executives. The scrutiny is far from over—call data records are next in line for forensic examination, a move that could potentially expose deeper connections and clandestine agreements.
Legal experts predict the next steps may involve formal notices, court hearings, and high-profile summonses of top agency heads and potentially Big Tech executives. Meanwhile, the industry holds its breath, awaiting the aftershocks of the most significant antitrust operation in advertising world’s history.
Industry experts believe this investigation could have a ripple effect, prompting advertisers to reassess long-standing media-buying contracts and broadcasters to distance themselves from alleged collusion. As investigators dig deeper, the advertising world is left with an unsettling question: Is this just the tip of the iceberg? With the CCI determined to follow every lead, the aftershocks of this historic raid could reshape India’s media and advertising landscape for years to come.