In 2008, Videocon Hydrocarbon Holding Limited (VHHL), a subsidiary of Videocon Industries Limited (VIL), acquired a 10 percent stake in an oil and gas block in the Rovuma Area 1 block in Mozambique from US-based Anadarco.
Directorate of Enforcement (File photo)
The Enforcement Directorate (ED) on Friday conducted searches at the premises of the promoters of Videocon Group in Mumbai. The searches were carried out by the ED as part of a money laundering probe related to alleged embezzlement of bank loan money in connection with financing the oil and gas assets of the business house in Mozambique.
Government sources said searches were conducted at several premises of the group and its promoters. The criminal case of the central probe agency is based on an FIR registered by the CBI last year. The CBI had registered an FIR on the complaint of the Ministry of Petroleum and Oil. The ED registered a case under the Prevention of Money Laundering Act (PMLA).
this is the whole matter
Sources said the matter pertains to remittance of money received from bank loans and the agency is probing whether money laundering has taken place. The CBI complaint said that in 2008 Videocon Hydrocarbon Holding Ltd (VHHL), a subsidiary of Videocon Industries Ltd (VIL), had acquired 10 per cent stake in the oil and gas block in Rovuma Area 1 block in Mozambique from US-based Anadarco .
This group on the target of ED
The ED has been probing Videocon Group chairman Venugopal Dhoot, ICICI Bank’s former CEO and MD Chanda Kochhar and her husband Deepak Kochhar under the Prevention of Money Laundering Act (PMLA) for the past few years and has also filed a charge sheet against them.
The case against Kochhar, Dhoot and their business entities pertains to the alleged illegal sanction of loans of Rs 1,875 crore to Videocon group companies.
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