Overview
- The Enforcement Directorate, which filed the supplementary chargesheet on Wednesday, named London-based entrepreneur Sachin Dev Duggal as an accused in the Videocon money-laundering case.
- The agency says Duggal was a key beneficiary of a scheme to move money through overseas companies and adds he ignored summons and sent only partial, evasive documents by email.
- The case traces to a June 2020 CBI complaint that a Videocon unit took a $2,773.60 million Standby Letter of Credit for oil and gas projects, with ED probes now alleging a $2.03 billion diversion through layered transfers.
- Investigators cite interest-free advances of Rs 17.32 crore to Duggal-controlled Nivio starting in 2008, a rushed loan agreement on May 24, 2011, and a next-day Videocon investment of CHF 37.9 lakh in Duggal’s Swiss firm nHoldings at an inflated valuation.
- Between 2011 and 2014, ED says Videocon routed Rs 20.12 crore through a five-company chain to nHoldings and to Duggal, after which Nivio’s ownership shifted under nHoldings and that investment was later written off with the end use still unexplained.