Overview
- The Rouse Avenue special court took cognisance on February 10 of the Enforcement Directorate’s prosecution complaint filed on December 18, 2024 under the PMLA.
- Notices were issued to Videocon promoter Venugopal Dhoot and 12 other accused persons and entities in the alleged bank-loan fraud tied to Mozambique oil and gas financing.
- The ED alleges foreign-currency facilities, including the SBI-led SBLC, the Jupitor facility, and the Standard Chartered facility, were systematically diverted from their sanctioned purposes.
- Investigators say funds moved through Videocon Hydrocarbon Holdings and a web of overseas group companies—such as Venus, Eagle, Paramount Global, Quadrant, Sky Billion, and TGDC—before being cycled back to India as export advances, loan repayments, investments, or equity.
- The agency has identified alleged proceeds of ₹1,136.49 crore and attached assets worth about ₹56.27 crore, with VIL accounts turning NPA in 2018 and the probe rooted in a June 2020 CBI FIR.