In mounting troubles for Videocon group founder Venugopal Dhoot, the CBI investigation has been picking pace over allegations that the industrialist and unknown officers conspired “with dishonest intention” to cause wrongful loss to a consortium of banks.
Dhoot, former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar are currently in judicial custody after being arrested last month on allegations that ICICI Bank had sanctioned credit facilities to the tune of Rs 3,250 crore to companies of the Videocon Group promoted by Dhoot in violation of the Banking Regulation Act, RBI guidelines, and credit policy of the bank.
The CBI has named the Kochhars and Dhoot, along with companies Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy Private Limited (SEPL), Videocon International Electronics Ltd (VIEL) and Videocon Industries Limited, as accused in its FIR registered in 2019 under Indian Penal Code sections related to criminal conspiracy and the Prevention of Corruption Act.
CNN-News18 has now exclusively accessed details of an older FIR against Dhoot. In the latest FIR, it is alleged that in April 2012, a consortium of various banks led by the State Bank of India sanctioned the Standby Letter of Credit (SBLC) facility of $2773.60 million to Videocon Hydrocarbons Holding Ltd (VHHL), a subsidiary of Videocon Industries Limited (VIL) for appraisal and development of their overseas oil and gas asset in Brazil, Indonesia and Mozambique.
Subsequently, an SBLC facility of $1103 million was refinanced to VHHL, which included outstanding of $400 million of Standard Chartered Bank (SCB) in London.
In February 2013, VIL reportedly informed the consortium of banks that the loan of SCB increased from $400 million to $530 million. The SBI-led consortium, without any verification or inquiry, allegedly approved and paid the entire loan of $530 million to SCB, London.
As per the FIR, even after paying the outstanding to SCB, the charge of VIL oil and gas assets was not taken over by the consortium and the loan account of VHHL with SCB was not closed.
“The consortium in connivance with VIL with dishonest intention to facilitate VHHL, allowed VHHL to avail facility from the SCB, London backed by the oil and gas asset. VIL did not inform about the continued availing of the facility from the SCB to its lenders, nor the lender asked for submitting the closure/NOC to VIL,” the FIR says.
It further alleges that in November 2013, the consortium, “in conspiracy with VIL”, did not raise any objection when VIL again requested the consortium to pay outstanding of the SCB London which was already paid in February 2013. It, however, agreed that the outstanding of SCB, London had to be paid and should not exceed $650 million.
“However, again it was found that an amount of $705.45 million was paid to SCB, London from the asset of VIL in Mozambique sale proceed as against the agreed $650 million,” it says.
The FIR concludes that: “The fact and circumstance prima-face shows that the unknown officers of the consortium banks lead by SBI in conspiracy with Venugopal Dhoot and other unknown persons allowed VHHL to continue to avail the facility from SCB, London with dishonest intention by not creating the charge on Mozambique asset of VIL and thereby caused wrongful gain to VIL and wrongful loss to the consortium.”
The loan sanctioned to Videocon by the consortium was $2773.6 million equivalent to Rs 14,145 crore back then at an exchange rate of 51 against the dollar, which would turn out to be higher amount as per the current exchange rate of 82.
Read all the Latest India News here
Comments
0 comment