Press freedom in India suffered a fresh blow on Monday when the country’s main investigative agency raided homes and offices connected to the founders of NDTV, India’s oldest television news station. The raids mark an alarming new level of intimidation of India’s news media under Prime Minister Narendra Modi.

The story is a bit tangled, but here’s the gist: The Central Bureau of Investigation says it conducted the raids because of a complaint that NDTV’s founders had caused “an alleged loss” to ICICI, a private bank, related to repayment of a loan. In 2009, ICICI said the note had been paid in full. Not really, the investigators said: A reduction in the interest rate had saddled the bank with a loss — hence the raid.

That doesn’t wash. India’s large corporations regularly default on debt with nary a peep from authorities. In fact, even as India’s state-owned banks are holding bad debt of about $186 billion, Mr. Modi’s government has hesitated to go after big defaulters. But suddenly we have dramatic raids against the founders of an influential media company — years after a loan was settled to a private bank’s satisfaction. To Mr. Modi’s critics, the inescapable conclusion is that the raids were part of a “vendetta” against NDTV.