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 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 ₹1,875 crore. Kochhar has not been named in the fresh case.
The agency’s 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 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 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 facility of $ 2773.60 million to VHHL for appraisal and development of overseas oil and gas assets in Mozambique, Brazil and Indonesia and other funding requirements in relation to the oil and gas asset, according to CBI FIR.