New Delhi: The Enforcement Directorate (ED) has filed a supplementary prosecution complaint before the Special Court (PMLA) at Rouse Avenue, New Delhi, naming UK-based businessman Sachin Dev Duggal as an accused in the Videocon money laundering case.
This complaint is a continuation of the original chargesheet filed on December 18, 2024, against Videocon Group promoter V.N. Dhoot and 12 others. The Special Court had already taken cognizance of the case on February 10, 2026.
According to the ED, the investigation stems from a CBI FIR which alleged that Videocon Hydrocarbon Holdings Limited availed a loan of USD 2,773.60 million from a consortium led by State Bank of India for overseas oil and gas projects. However, a significant portion of these funds, estimated at around USD 2.03 billion, was allegedly diverted through a complex network of overseas entities.
The probe revealed that Sachin Dev Duggal, chairman of a Swiss firm and linked to Indian tech companies, was a key beneficiary of these transactions. Funds were allegedly routed through multiple international entities and layered to conceal their origin.
Financial records also indicate large transactions between Duggal-linked entities and Videocon Group firms during the same period when funds were being diverted abroad.
The ED further stated that despite multiple summons issued under the Prevention of Money Laundering Act (PMLA) since January 2022, Duggal failed to appear before investigators and provided only partial and evasive responses via email.
Further investigation in the case is ongoing.
