Delhi court notices against Videocon Group founder Dhoot, 12 others in bank fraud case: ED
New Delhi (PTI): The ED on Monday said a Delhi court has issued notices to Videocon Group promoter Venugopal Dhoot and a dozen other entities after taking cognisance of its chargesheet filed in connection with an alleged Rs 61,700-crore bank loan fraud linked to financing the company's oil and gas assets in Mozambique.
The prosecution complaint (chargesheet) was filed on December 18, 2024 and the special Prevention of Money Laundering Act (PMLA) court located at Rouse Avenue took cognisance on February 10, the Enforcement Directorate said in a statement.
The court has taken cognizance of the offence of money laundering and has issued notices against the 13 accused, it said.
The Videocon Group could not be contacted immediately for comments.
The accounts of Videocon Industries Ltd (VIL) and its group companies turned NPA (non-performing assets) in 2018 and the banks had filed a total claim of Rs 61,773.02 crore including the NPA of Rs 23,647.12 crore in respect of SBLC (stand by letter of credit) facility, said the ED.
The agency has quantified the "proceeds of crime" in this case at Rs 1,136.49 crore.
The money laundering case stems from a June 2020 FIR of the CBI.
According to the ED, probe found foreign currency loan facilities availed by the Videocon Group-- the SBLC facility sanctioned by the SBI-led consortium, the Jupiter facility and the Standard Chartered Bank (SCB) facility-- were systematically "diverted" from their sanctioned purposes, which were stated to be development and refinancing of overseas oil and gas assets (in the African country Mozambique).
"The diversion of funds was carried out under the overall control and direction of the promoters of the Videocon Group, with the active involvement of overseas group entities and intermediaries," the agency alleged.
The loan proceeds were allegedly routed through Videocon Hydrocarbon Holdings Ltd (VHHL) and its overseas oil and gas subsidiaries after which the funds were "layered" through a complex web of overseas Videocon Group companies engaged in activities unrelated to oil and gas operations, it said.
These entities included Jupitor Corporation, Venus Corporation, Eagle Corporation, Paramount Global, Quadrant Corporation, Sky Billion Trading and TGDC Guangdong Display Co. Ltd.
These funds were routed back to India and utilised for purposes "wholly unconnected" with the sanctioned objectives, including meeting expenses of non-oil businesses, making investments, and creation of personal and corporate assets, the ED claimed.
The agency found that a "substantial" portion of the diverted funds was "layered" back into India through the books and bank accounts of VIL and its Indian group companies.
"Investigation found that out of the total facility of USD 4.54 billion, USD 2.02 billion has been diverted by the promoters of Videocon Group for non-intended purposes," the agency claimed.
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Court wards death penaly to three men in Israeli woman rape, murder case
Koppal (Karnataka) (PTI): A court in Karnataka on Monday sentenced three people to death for sexually assaulting an Israeli tourist and murdering a youth in this district last year.
The Gangavathi Civil Court delivered the judgment, sentencing the convicts -- Mallesh alias Handi Malla, Sharanabasava and Chaitanya Sai -- to death.
The court had on February 7 found them guilty and reserved the order for February 16.
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On Monday, the court pronounced the quantum of punishment.
According to the prosecution, the heinous crime took place near Sanapur on March 6, 2025.
The Israeli-origin woman was subjected to inhuman sexual assault. The incident had made international headlines and cast a shadow over the district’s tourism.
Public Prosecutor Nagalakshmi told reporters that the homestay owner had taken tourists Pankaj from Maharashtra, and Bibhas from Odisha, Daniel from the US and an Israeli woman for stargazing at Sanapur near Tungabhadra canal under Gangavathi rural police station limits at about 10.30 pm.
Just then the three accused reached there on a motorcycle and picked up a fight over a financial dispute, she added.
With an intention to rape these women, the convicts pushed the three men into the canal. To ensure that they do not come out, they threw stones on them. Later, they gang raped the home-stay owner and the Israeli national, the Public Prosecutor said.
“Bibhas Kumar died due to drowning in the canal. Pankaj did not know how to swim but Daniel saved him,” Nagalakshmi said.
She added that after raping the women, the accused decamped with their mobile phones, cash and a camera.
“It was a case of gang rape, murder, attempt to murder, robbery and extortion. Hence the Judge Sadananda Nagappa Naik under section 103 of the Bharatiya Nyay Sanhita gave them capital punishment. For the gang rape, the court ordered imprisonment till their last breath,” Nagalakshmi said.
She added that the accused can go for appeal.
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