Exclusive Details of Loan Fraud FIR


Edited By: Nitya Thirumalai

Last Updated: January 05, 2023, 14:36 IST

Venugopal Dhoot is currently in judicial custody after being arrested by the CBI in connection with the ICICI loan fraud case. (PTI/File)

Venugopal Dhoot is at present in judicial custody after being arrested by the CBI in reference to the ICICI mortgage fraud case. (PTI/File)

An older FIR towards Videocon founder Venugopal Dhoot alleges that the industrialist and unknown officers conspired “with dishonest intention” to trigger wrongful loss to a consortium of banks

In mounting troubles for Videocon group founder Venugopal Dhoot, the CBI investigation has been choosing tempo over allegations that the industrialist and unknown officers conspired “with dishonest intention” to trigger wrongful loss to a consortium of banks.

Dhoot, former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar are at present in judicial custody after being arrested final month on allegations that ICICI Bank had sanctioned credit score amenities to the tune of Rs 3,250 crore to corporations of the Videocon Group promoted by Dhoot in violation of the Banking Regulation Act, RBI tips, and credit score coverage of the financial institution.

The CBI has named the Kochhars and Dhoot, together with corporations 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 below Indian Penal Code sections associated to felony conspiracy and the Prevention of Corruption Act.

CNN-News18 has now completely accessed particulars of an older FIR towards Dhoot. In the most recent FIR, it’s alleged that in April 2012, a consortium of varied 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 improvement of their abroad oil and gasoline asset in Brazil, Indonesia and Mozambique.

Subsequently, an SBLC facility of $1103 million was refinanced to VHHL, which included excellent of $400 million of Standard Chartered Bank (SCB) in London.

In February 2013, VIL reportedly knowledgeable the consortium of banks that the mortgage of SCB elevated from $400 million to $530 million. The SBI-led consortium, with none verification or inquiry, allegedly authorized and paid your complete mortgage of $530 million to SCB, London.

As per the FIR, even after paying the excellent to SCB, the cost of VIL oil and gasoline property was not taken over by the consortium and the mortgage 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 additional alleges that in November 2013, the consortium, “in conspiracy with VIL”, didn’t elevate any objection when VIL once more requested the consortium to pay excellent of the SCB London which was already paid in February 2013. It, nevertheless, agreed that the excellent of SCB, London needed to be paid and mustn’t 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 mortgage sanctioned to Videocon by the consortium was $2773.6 million equal to Rs 14,145 crore again then at an alternate price of 51 towards the greenback, which might change into larger quantity as per the present alternate price of 82.

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