The Special Court (PMLA), Rouse Avenue, New Delhi, has taken cognizance of money laundering offences against V. N. Dhoot and 12 other accused persons/entities in the Videocon Mozambique Oil Deal case.
The cognizance order dated 10.02.2026 follows the Prosecution Complaint filed by the Directorate of Enforcement (ED), HIU-1 Office, on 18.12.2024 under the Prevention of Money Laundering Act (PMLA), 2002.
Predicate FIR Registered by CBI
The ED case arises from CBI FIR No. RC2172020A0002 dated 23.06.2020. The FIR invoked:
- Section 120-B and 420 of IPC, 1860
- Section 13(2) read with 13(1)(d) of the Prevention of Corruption Act, 1988
These offences form the scheduled basis for proceedings under PMLA.
USD 4.54 Billion Foreign Loan Facilities Under Probe
ED investigation states that the Videocon Group availed foreign currency facilities totaling USD 4.54 billion for overseas oil and gas development and refinancing.
The facilities included the SBLC Facility (SBI-led consortium), Jupitor Facility, and Standard Chartered Bank (SCB) Facility.
ED alleges that the promoters diverted these funds from sanctioned purposes through overseas group entities and intermediaries.
Alleged Diversion and Layering Structure
Loan proceeds were routed through Videocon Hydrocarbon Holdings Limited (VHHL) and layered through multiple overseas companies before being brought back to India.
Identified entities include Jupitor Corporation Limited, Venus Corporation Limited, Eagle Corporation Limited, Paramount Global Limited, Quadrant Corporation Limited, Sky Billion Trading Limited, and TGDC Guangdong Display Co. Ltd.
The alleged mechanism involved circular transactions, export advance adjustments, inter-company loans, and investments. Funds were then introduced into India through the books of Videocon Industries Limited (VIL) and its group companies, camouflaged as export advances, loan repayments, investments, or equity infusions.
ED further states that false utilisation certificates were submitted to lenders to conceal the end use of funds.
USD 2.02 Billion Allegedly Diverted
Out of USD 4.54 billion, USD 2.02 billion was allegedly diverted for non-intended purposes.
NPA Status and Bank Claims
Videocon Industries Limited (VIL) and its group companies were classified as NPAs in 2018. Banks filed claims totaling ₹61,773.02 crore, including ₹23,647.12 crore relating to the SBLC facility.
Proceeds of Crime and Attachments
ED identified Proceeds of Crime of ₹1,136.49 crore in the case. Two Provisional Attachment Orders were issued attaching assets worth ₹17.69 crore and ₹38.58 crore.
Procedural Significance
By taking cognizance and issuing notices to all 13 accused persons/entities, the Special Court has formally initiated trial-stage proceedings under PMLA.
Source: ED Press Release dated 16/02/2026 regarding Videocon Mozambique PMLA Case