Daily Mail India
Daily Mail India

CBI books Venugopal Dhoot & others in bank fraud case

The Central Bureau of Investigation (CBI) has booked Videocon group MD Venugopal Dhoot on prices of inflicting a wrongful loss to a consortium of Indian PSU banks led by State Bank of India. Besides Dhoot, unknown officers of banks have additionally been booked by the CBI for inflicting wrongful achieve to Videocon.

The CBI has already booked Chanda, her husband Deepak Kochhar and Videocon group MD Venugopal Dhoot and others in the excessive profile Videocon mortgage case. An FIR has been registered after the company’s preliminary enquiry (PE) discovered fee of alleged corruption, dishonest and prison conspiracy to dupe the banks. Allegations towards Dhoot’s Videocon Industries are that it dedicated a number of irregularities in acquisition of oil and fuel property in Mozambique in Africa.

The CBI’s FIR says that its preliminary enquiry has revealed that in the yr 2008, M/s Videocon Hydrocarbons Holding (VHHL), a subsidiary of the Videocon Industries Limited acquired 10 p.c collaborating curiosity in Oil and Gas block in Mozambique from M/s Andarko (a US primarily based Petroleum firm). Venugopal Dhoot is the Chairman and Managing Director of M/s Videocon Hydrocarbon Holding Limited. The VHHL is registered at Cayman Island and offers with oil and fuel enterprise.

“The enquiry revealed that in April 2012, the consortium of banks led by SBI sanctioned the standby letter of credit of facility of USD 2773.60 million to VHHL for appraisal and development of their overseas oil and gas asset in Mozambique, Brazil & Indonesia and other funding requirement in relation to the said oil and gas asset and for refinancing the existing facilities”.

The FIR additional says that in February 2013, the VIL knowledgeable the consortium of banks that the mortgage has elevated from USD 400 million to USD 530 million and requested the consortium of banks for payoff of the mortgage and to take over cost of oil and fuel asset after paying the identical.

The SBI led consortium “with none verification and enquiry, permitted and paid the mortgage of USD 530 million to SCB, London. After paying the excellent to Standard Chartered Bank, London the cost on the VIL’s oil and fuel asset was required to be taken over by Indian consortium of banks led by SBI. Further the mortgage account of SCB was required to be closed by VHHL. However, the consortium in connivance with VIL didn’t create the cost of the Oil and Gas property with dishonest intention to facilitate VHHL, who continued to avail the ability from SCB London backed by Mozambique oil and fuel asset”, reads the FIR.

It additional says “the Videocon did not inform about the continued availing of the facility from the Standard Chartered Bank, London to its lenders neither the lenders asked for submitting the closure/NOC to VIL. The SBI led consortium never took the charge of Mozambique asset and the charge for Indonesia and Brazil assets were only taken over in November, 2013 from SCB”.

It provides “enquiry has revealed that instead of USD 650 million, an amount of USD 705.45 million was paid to Standard Chartered Bank, London from the Mozambique sale proceed. The lender bank did not object to the same neither any clarification was asked from VIL which shows that this was done in connivance with the bank officers”.

The CBI has additional alleged that its preliminary enquiry has revealed that the VIL used the funds accessible from SCB for another functions or siphoned the identical in another accounts of Videocon or its promoters.

CBI’s enquiry additional revealed that until December 2013, the VIL spent an quantity of solely USD 374 million, USD 554.83 and USD 25.25 million in the direction of Mozambique, Indonesia and Brazil oil and fuel property respectively since date of acquisition to December 2013 towards which VHHL availed the ability of USD 1616 million.

The FIR additional says “facts and circumstances show that unknown officers of lender banks led by SBI in conspiracy with Venugopal Dhoot allowed VHHL to continue to avail the facility from SCB London with dishonest intention by not creating the charge on Mozambique asset and thereby caused wrongful loss to the Indian PSU banks”. Dhoot is already being probed together with former MD and CEO of ICICI bank Chanda Kochhar, her husband Deepak Kochhar and others in the excessive profile Videocon mortgage case.

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