3 months ago
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A peculiar tribunal successful Delhi has taken cognisance of the prosecution ailment filed by the Enforcement Directorate (ED) successful the Videocon Mozambique lipid woody lawsuit against businessman V. Dhoot and 12 others successful December 2024, the bureau said connected Monday (February 16, 2026).
The tribunal took cognisance of the ailment connected February 10 and issued notices against the accused persons/entities. The bureau has identified proceeds of alleged transgression amounting to ₹1,136.49 crore.
The ED probe is based connected a First Information Report registered by the Central Bureau of Investigation connected June 23, 2020, pursuing a preliminary enquiry into alleged transgression conspiracy, cheating, and transgression misconduct by Mr. Dhoot and others.
According to the ED, its probe has established that the overseas currency indebtedness facilities availed by the Videocon Group, namely the Standby Letter of Credit Facility (SBLC) sanctioned by the State Bank of India-led consortium of Indian banks, the Jupitor Facility, and the Standard Chartered Bank (SCB) Facility, were systematically diverted.
“The diversion of funds was carried retired nether the wide power and absorption of the promoters of the Videocon Group, with the progressive engagement of overseas radical entities and intermediaries. The modus operandi progressive routing the indebtedness proceeds done Videocon Hydrocarbon Holdings Limited (VHHL) and its overseas lipid and state subsidiaries, aft which the funds were layered done a analyzable web of overseas Videocon Group companies engaged successful activities unrelated to lipid and state operations,” it alleged.
As alleged, those entities included Jupitor Corporation Limited, Venus Corporation Limited, Eagle Corporation Limited, Paramount Global Limited, Quadrant Corporation Limited, Sky Billion Trading Limited, and TGDC Guangdong Display Co. Ltd.
“Through circular transactions, accommodation of export advances, inter-company loans, and investments, the funds were diverted and routed backmost to India, wherever they were utilised for purposes wholly unconnected with the sanctioned objectives, including gathering expenses of non-oil businesses, making investments, and instauration of idiosyncratic and firm assets,” the ED alleged.
It further alleged that a important information of the diverted funds was layered backmost into India done the books and slope accounts of Videocon Industries Limited (VIL) and its Indian radical companies. “These inflows were camouflaged arsenic export advances, indebtedness repayments, investments, oregon equity infusions, thereby facilitating concealment, integration, and projection of the diverted funds arsenic morganatic receipts,” the bureau alleged.
“To conceal the existent end-use of funds and to alteration continued entree to recognition facilities, mendacious and misleading utilisation certificates were submitted to the lender banks. Investigation has revealed that retired of the full installation of $4.54 billion, $2.02 cardinal has been diverted by the promoters of Videocon Group for non-intended purposes,” alleged the ED.
The bureau said the accounts of VIL and its radical companies turned non-performing assets (NPA) In 2018. “The banks had filed a full assertion of ₹61,773.02 crore, including the NPA of ₹23,647.12 crore successful respect of SBLC facility,” it alleged, adding that the ED has truthful acold attached assets worthy ₹56.27 crore.
