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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Modi should leverage his ties with world leaders to de-escalate war in West Asia: Omar Abdullah
Jammu (PTI): Jammu and Kashmir Chief Minister Omar Abdullah on Monday said India can play a meaningful role in de-escalation in West Asia, given Prime Minister Narendra Modi's strong relations with the warring countries and their neighbours.
He said Pakistan was leveraging ties with Iran and the United States, and that any effort towards ending the war should be welcomed.
"As I said in the House (Assembly), we would like the war to end as soon as possible. The role that the prime minister can play may not be possible for anyone else because of his good relations with all these countries," Abdullah told reporters on the sidelines of a function here.
He, however, said any escalation would not be easy to manage.
"Any such move by US President Donald Trump, despite the long history of Iran resisting external domination, would not be easy," the chief minister said.
Asked about Pakistan mediating in the war, he said, "I will simply say that if any country can play a role in preventing this war, no one should have any objection to it."
He added, "I will repeat what I said … our prime minister has good and close relations with all countries — whether it is Israel, the United States, Iran, or the countries around Iran. If those relationships can be used to make some progress and help ease the situation, it would be a good thing."
Abdullah said attacks by terror groups like Lashkar-e-Taiba and Jaish-e-Mohammed in India, as suggested by a report from the United States, are not unlikely.
Meanwhile, he asserted that any efforts to end the war, be it from Pakistan, must not be resisted.
"Pakistan is using its good relations with Iran and the United States to its advantage, and it has done so. How can we object to that? If that angle helps in stopping the war, would you want them not to act and let the war continue? We want the war to stop. If any country can play a role in that, it should. And if we can play an even better role, then we should do so," he said.
On unemployment in J-K, the chief minister said the issue cannot be resolved overnight, and government jobs alone are not the solution.
He stressed the need to explore alternative avenues, highlighting the importance of Mission Yuva in promoting entrepreneurship.
"Mission Yuva provides not just funding but also support in preparing DPRs and post-startup assistance, such as marketing. In just nine months, distributing Rs 1,000 crore and approving numerous schemes is a significant achievement," he said.
Abdullah credited the coordination between the government and Jammu and Kashmir Bank for the scheme's progress.
