ED raids Videocon in Mazmbique oil field case
The Enforcement Directorate on Friday conducted raids at multiple premises associated with the Videocon group in Mumbai in connection with a case of money laundering it is probing against the company and its Chairman Venugopal Dhoot. The case is related to alleged loan fraud by the group in the sale of an oil field in Mozambique Africa.
“The raids are currently going on at multiple locations in Mumbai. We have evidence that the company has diverted loan funds,” an ED official said.
The ED case is based on a CBI FOR of last year. The CBI has booked Videocon Industries Ltd chairman Venugopal Dhoot in a case of corruption for allegedly duping a consortium of banks led by the State of Bank of India of hundreds of millions of US dollars.
