The Central Bureau of Investigation (CBI) has filed an FIR towards Videocon Chief Managing Director Venugopal Dhoot for defrauding a consortium of banks led by the State Financial institution of India (SBI). Dhoot is already being probed by the CBI in reference to defrauding ICICI financial institution allegedly with assist of its former CEO Chanda Kochhar and her husband Deepak Kochhar.
The contemporary FIR towards Dhoot has been lodged after the federal probe company performed a preliminary enquiry towards unknown officers of the Ministry of Petroleum and Pure Gasoline, ONGC Videsh, Oil India Restricted, Bharat Petro Assets Ltd (a subsidiary of Bharat Petroleum Company Restricted, or BPCL) and consortium of banks together with SBI, IDBI Financial institution and ICICI Financial institution. The inquiry additionally included administrators and promoters of Videocon Mozambique Rovuma Restricted (VMRL), a subsidiary of Videocon Hydrocarbons Holding Restricted (VHHL) registered in Cayman Islands.
“Inquiry revealed the companies related to Videocon colluded with the consortium of banks for undue positive aspects inflicting loss to the banks,” mentioned a CBI supply.
In keeping with the probe report, ONGC Videsh Restricted and Oil India Restricted had acquired the Mozambique asset of Videocon in January 2014 for $2,519 million. Venugopal Dhool is the Chairman and Managing Director of M/S Videocon Industries Restricted and Videocon Hydrocarbon Holding Restricted which offers with Oil and Gasoline Enterprise.
In April 2012, the consortium of banks led by SBI sanctioned the Standby Letter of Credit score (SBLC) facility of $2,773.60 million to Videocon Hydrocarbons Holding Ltd (VHHL) for appraisal and improvement of their abroad oil and gasoline asset in Mozambique, Brazil and Indonesia and different funding necessities in relation to the oil and gasoline belongings, and for refinancing the prevailing amenities.
The standby letter of credit score facility of $1,103 million was refinanced which included excellent of $400 million of Commonplace Chartered Financial institution (SCB), London.
“The primary cost on VIL’s oil and gasoline asset was part of SCB’s safety,” the FIR mentioned.
Nonetheless, in February 2013, VIL informed the consortium that SCB mortgage has elevated to $530 million and requested to pay it and take over cost of oil and gasoline belongings. The quantity was authorized by the consortium of financial institution with none verification or inquiry, which is an uncommon apply.
After the cost, the consortium ought to have taken the cost of gasoline and oil belongings of VIL and the mortgage account of SCB ought to have been closed by VHHL, however neither the consortium created the cost on oil and gasoline belongings nor closed the mortgage account with SCB, revealed the CBI inquiry.
Videocon, in response to CBI additionally by no means knowledgeable the consortium that it was persevering with to avail mortgage from SCB and the lenders additionally didn’t ask for NOC from SCB in regards to the closure.
The consortium additionally agreed to clear the excellent dues in the direction of SCB topic to a cap of $650 million however as a substitute ended up paying $704.45 million to SCB, London from sale proceeds in connivance with financial institution officers, mentioned the CBI.
The company has alleged that VIL diverted funds of SCB, London, solely spending $374 million, $554.82 million and $25.25 million on its belongings in Mozambique, Indonesia and Brazil, respectively, as towards the power of $1,616 million availed by VHHL.
“The details and circumstance prima facie present that unknown officers of lender banks led by SBI in conspiracy with Venugopal Dhoot, CMD of Videocon Industries Restricted, allowed VHHL to proceed to the avail the power from SCB, London with dishonest intention by not creating cost on Mozambique asset and thereby trigger wrongful acquire to Videocon and wrongful acquire to Videocon and wrongful loss to Indian PSU banks,” reads the FIR.
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