The Enforcement Directorate plans to initiate a money laundering probe into a new case registered by the Central Bureau of Investigation against Venugopal Dhoot, Chairman and Managing Director (CMD) of Videocon Industries Limited (VIL), and unknown officials of a consortium led by the State Bank of India (SBI).
The ED is already pursuing the financial trail in another case, in which Mr. Dhoot is under the scanner along with former ICICI Bank Managing Director Chanda Kochhar and others, in connection with the sanction of about ₹1,730 crore in loans to his companies allegedly in violation of rules.
Mr. Dhoot’s statements have also been recorded under the Prevention of Money Laundering Act.
The latest case pertains to Videocon Mozambique Rovuma 1 Limited, a subsidiary of Videocon Cayman Islands-registered Hydrocarbon Holdings Limited (VHHL), which in turn is a wholly owned step down subsidiary of VIL. Apart from the oil and gas assets in Mozambique, VHHL also had such assets in Indonesia and Brazil.
Mr. Dhoot was the CMD of VIL and VHHL when in April 2012, the consortium sanctioned credit facility of $2,773.60 million for the appraisal and development of overseas oil and gas assets, funding requirements and refinancing the existing facilities.
The CBI alleges several irregularities in the sanction and disbursal of credit facilities, besides diversion of funds received from the Standard Chartered Bank (London).
Till December 2013, VIL had spent only $374 million, $554.83 million and $25.25 million towards the Mozambique, Indonesia and Brazil assets, against which VHHL got the facility of $1,616 million, as alleged.
