Delhi court takes cognisance of ED's prosecution complaint in Videocon case
India Today
Foreign currency loan facilities availed by the Videocon Group were 'systematically diverted' from their sanctioned purposes of development and refinancing of overseas oil and gas assets, the ED said.
A special court in Delhi has taken cognisance of a prosecution complaint filed by the Enforcement Directorate (ED) against industrialist V Dhoot and 12 other individuals and entities in connection with the Videocon Mozambique oil deal case, the agency said on Monday.
The court has issued notices to all 13 accused in the money-laundering case. The prosecution complaint was filed in December 2024 under provisions of the Prevention of Money Laundering Act (PMLA).
The ED probe stems from a June 2020 FIR by the Central Bureau of Investigation (CBI).
According to the agency, foreign currency loan facilities availed by the Videocon Group were systematically diverted from their sanctioned purposes of development and refinancing of overseas oil and gas assets.
The standby letter of credit (SBLC) for the funds was sanctioned by a group of lenders, including a consortium of Indian banks led by the State Bank of India (SBI).
“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 ED said.
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