E-Paper
CBI files new case against Videocon’s Dhoot
The Central Bureau of Investigation (CBI) on Tuesday filed a new case against Videocon Group chairman and managing director Venugopal Dhoot and unknown officials
The Central Bureau of Investigation (CBI) on Tuesday filed a new case against Videocon Group chairman and managing director Venugopal Dhoot and unknown officials of a consortium of banks, including State Bank of India (SBI), ICICI Bank and IDBI Bank for alleged irregularities in loans provided to a group company for its oil and gas assets in Mozambique, Indonesia and Brazil, officials said.
Dhoot is already under the CBI investigation along with former CEO and MD of ICICI Bank, Chanda Kochhar, for two years over alleged loan fraud worth Rs 1,875 crore. Kochhar has not been named in the fresh case but “unknown” officials of three consortium banks are under probe.
The agency’s First Information Report (FIR) on Tuesday was filed against Dhoot, unknown officials of consortium banks led by SBI and other unknown persons, under the Prevention of Corruption Act. They have been accused of cheating and criminal conspiracy.
The agency conducted a preliminary inquiry in the matter first against unknown officials of the ministry of petroleum and natural gas, ONGC Videsh, Oil India Limited, Bharat Petro Resources Ltd (a subsidiary of Bharat Petroleum Corporation Ltd) and the consortium of banks including SBI, IDBI, and ICICI Bank, led by SBI Cap. They were suspected to have colluded with directors of Videocon Mozambique Rovuma 1 Ltd (VMRL), a subsidiary of Videocon Hydrocarbons Holding Ltd (VHHL), a company registered in Cayman Islands, with an intent to cause undue pecuniary gain to Videocon Industries Ltd (VIL).
Venugopal Dhoot told HT, “I do not know about the case. I will check and get back to you.” SBI and ICICI did not respond to queries until the filing of this report.
The VHHL had acquired 10% participating interest in an oil and gas block in Rovuma Area 1 Block Mozambique from a US-based petroleum company Anadarko in 2008. It had oil and gas assets in Indonesia and Brazil.
In April 2012, the consortium of banks led by SBI sanctioned Standby Letter of Credit (SBLC) facility of $ 2773.60 million to Videocon Hydrocarbons Holding Ltd (VHHL) for appraisal and development of overseas oil and gas asset in Mozambique, Brazil and Indonesia and other funding requirements in relation to the oil and gas asset and for refinancing the existing facilities, according to CBI FIR.
