CBI lodges FIR against Videocon’s Venugopal Dhoot for cheating SBI-led banks consortium
New Delhi: The CBI on Tuesday (June 23) booked Videocon Group Chairman Venugopal Dhoot for alleged corruption within the financing of their oil and gasoline belongings in Mozambique in connivance with unidentified officers of a State Bank of India-led consortium, officers stated.
The company has registered the FIR after a preliminary enquiry on a criticism from the Oil Ministry.
Dhoot didn’t provide any touch upon the event.
The enquiry findings present that in 2008 Videocon Hydrocarbons Holding Ltd (VHHL), a subsidiary of the Videocon Industries Limited (VIL), acquired 10 per cent “participating interest” in Oil and Gas Block in Rovuma Area 1 block, Mozambique, from the US-based Anadarko.
The Mozambique asset was later acquired by ONGC Videsh Limited and Oil India Limited in January 2014, for USD 2,519 million, they stated.
In April 2012, a consortium of banks led by the State Bank of India, and comprising of ICICI financial institution and IDBI financial institution, sanctioned Standby Letter of Credit (SBLC) facility of USD 2,773.60 million to VHHL for appraisal and improvement of their abroad oil and gasoline belongings in Mozambique, Brazil and Indonesia and different funding necessities in relation to refinancing the present facility.
The SBLC facility of USD 1103 million was refinanced which included an impressive of USD 400 million to Standard Chartered Bank (SCB), London.
“The first charge on VIL’s oil and gas asset was a part of SCB’s security,” the FIR stated.
About 10 months later, VIL instructed the consortium that SCB mortgage has elevated to USD 530 million, requesting to pay it and take over cost of oil and gasoline belongings.
The consortium allegedly accepted the elevated quantity with none verification or inquiry, the company stated.
After the cost, the consortium ought to have taken the cost on the gasoline and oil belongings of VIL and the mortgage account of SCB ought to have been closed by VHH, it stated.
Neither the consortium created the cost on oil and gasoline belongings nor did VHHL shut the mortgage account with SCB, it alleged.
Videocon didn’t inform the consortium that it was persevering with to avail mortgage from the SCB and the lenders additionally didn’t ask for NOC from SCB in regards to the closure, it stated.
The consortium by no means took cost of Mozambique belongings and the cost of Indonesia and Brazil was taken over in November 2013 solely from SCB, it stated.
ONGC Videsh and Oil India wanted ‘no objections’ from lending banks earlier than making funds for Mozambique belongings then in November 2013 VIL requested the consortium to pay excellent of SCB London from the sale proceeds, it stated.
The consortium didn’t object that it had already paid the excellent of SCB in February 2013, the company alleged.
The consortium agreed to clear the excellent dues in direction of the SCB, topic to a cap of USD 650 million however as a substitute ended up paying USD 704.45 million to SCB, London, from sale proceeds in connivance with financial institution officers, it alleged.
The company discovered that VIL diverted funds of SCB, London, solely spending USD 374 million, USD 554.82 million and USD 25.25 million on its belongings in Mozambique, Indonesia and Brazil respectively as in opposition to the power of USD 1616 million availed by VHHL, it stated.
“The facts and circumstance prima facie show that unknown officers of lender banks led by SBI in conspiracy with Venugopal Dhoot, CMD of Videocon Industries Limited allowed VHHL, to continue to the avail the facility from SCB, London, with dishonest intention by not creating a charge on Mozambique asset and thereby cause wrongful gain to Videocon and wrongful loss to Indian PSU banks,” it alleged.
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