CBI Registers FIR Against Videocon CMD Venugopal

New Delhi : CBI has lodged an FIR against Videocon Group Chairman and Managing Director (CMD) Venugopal Dhoot. The investigating agency has registered an FIR against Venugopal Dhoot for defrauding the consortium of State Bank of India-led banks. CBI sources said Venugopal Dhoot was accused of manipulating some officials of the consortium led by the State Bank of India to finance his oil and gas companies in the East African country of Mozambique. The CBI has taken a tough action against Venugopal Dhoot following a complaint from the Oil Ministry.

Initial investigations revealed that Videocon Hydrocarbons Holding Limited (VHHL), a company owned by Videocon Industries Limited (VIL), bought 10% ‘Participating Interest’ in Mozambique’s Oil & Gas Block (Rovuma Area 1 Block) in 2008. This deal was done with Anadarko of America. According to officials, in 2014, these assets of Mozambique were bought by ONGC Videsh Limited and Oil India Limited for US $ 2519 million. As per the investigation report, ONGC Videsh Limited and Oil India Limited acquired Videocon’s Mozambique assets in January 2014 for US $ 25 million.

Venugopal Dhoot is the Chairman and Managing Director of MS Videocon Industries Limited and Videocon Hydrocarbon Holding Limited. Videocon got a loan of Rs 3,250 crore from ICICI Bank in 2012. This loan was a part of a total of 40 thousand crores which was taken by Videocon Group from 20 banks under the leadership of SBI. ICICI Bank gave a loan of Rs 3250 crore to Deepak Kochhar in 2012. Six months after getting the loan, Dhoot’s company invested several crores in the company of Deepak Kochhar, the husband of Chanda Kochhar, former managing director and CEO of ICICI Bank. Among the promoters of the company in which it was invested, Chanda Kochhar’s father and two other relatives were promoters.

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