CBI charges Dhoot, bankers with ‘criminal conspiracy’

CBI enquiry has revealed that Videocon Industries Chairman Venugopal Dhoot, in collusion with officials of State Bank of Indialed consortium, allegedly sanctioned credits of hundreds of millions of US dollars with an intent to cause “undue pecuniary gain” to the consumer durable firm. Dhoot has been earlier booked by the CBI in the Videocon-icici bank loan case. The present matter pertains to Mozambique-based oil block, for which Videocon had taken credit facility from Standard Chartered Bank in London.

The repayment was done by the consortium against the oil block acquired by Videocon. It, however, did not take charge of the assets and Videocon continued to avail the credit facility from the bank.

The CBI FIR is based on the findings of the preliminary enquiry (PE), which was opened against officials of petroleum ministry, ONGC Videsh, Bharat Petro Resources, Oil India, and consortium of banks. According to the PE, these entities colluded with directors and promoters of Videocon Mozambique Rovuma with an intent to cause unlawful gain to the parent company. However, the CBI did not accuse these entities in its FIR.

CBI said, in 2008, Videocon Hydrocarbon acquired 10 per cent participating interest in the Mozambique asset. In 2012, the consortium sanctioned a $2,773.6-million credit facility to Videocon’s subsidiary firm. Credit facility worth $1,103 million was refinanced, which included outstanding of $400 million to Standard Chartered London. In 2013, Videocon told the consortium the said loan of Standard Chartered had increased to $530 million and requested the bank to make payment and, in exchange, take over the charge of the asset. “The consortium, without any verification, paid $530 million to the bank,” PE noted. But did not take charge of the assets in connivance with the Videocon. Videocon’s subsidiary also continued to avail the credit facility from Standard Chartered.