New Delhi: The Enforcement Directorate (ED) has filed a charge sheet against British citizen Sachin Dev Duggal as part of its ongoing probe into alleged money laundering linked to the Videocon Group, the agency said on Wednesday.
Duggal Accused of Being Key Beneficiary
The ED said Sachin Dev Duggal failed to appear before it despite repeated summons. A resident of London and chairman of Swiss firm Holdings SA, Duggal is also the beneficial owner of Indian tech companies Nivio Technologies and Engineer.AI.
According to the agency, Duggal was the primary beneficiary of a structured scheme through which funds from Videocon Industries Limited (VIL) were allegedly siphoned off and routed through multiple overseas entities.
Earlier, in December 2024, the ED had filed a charge sheet against Videocon Group chairman Venugopal N Dhoot along with 12 others in the same case.
Case Origin and Alleged Financial Irregularities
The money laundering investigation originates from a June 2020 FIR filed by the Central Bureau of Investigation (CBI).
The FIR alleged that Videocon Hydrocarbon Holdings Limited, a wholly-owned step-down subsidiary of VIL, availed a Standby Letter of Credit facility worth $2,773.60 million from a consortium of banks led by the State Bank of India.
The funds were reportedly meant for oil and gas projects in Mozambique, Brazil, and Indonesia.
The ED stated that its probe revealed a “systematic diversion” of approximately $2.03 billion by Videocon Group promoters through a network of overseas entities.
Flow of Funds and Corporate Restructuring
According to the agency, VIL began extending interest-free loans worth ₹17.32 crore to Duggal-controlled Nivio Technologies India in 2008 without a formal agreement.
A loan agreement was later signed in May 2011, after which an overseas Videocon entity invested CHF 37.9 lakh in Duggal’s Swiss firm nHoldings SA at an inflated valuation, despite the company being loss-making.
Between 2011 and 2014, Videocon allegedly routed $37.07 lakh (₹20.12 crore) to nHoldings SA and Duggal through a chain of five overseas entities.
Financial records cited by the ED indicate that during FY 2011–12, Nivio Technologies received ₹35 crore from nHoldings SA — the same period when Videocon was transferring funds into the Swiss company. During this time, the ownership structure of Nivio Technologies was also altered, making nHoldings SA its ultimate parent company, with Nivio Cloud Computing India Pvt Ltd acting as an intermediary.
Unexplained Fund Usage and Ongoing Probe
The ED alleged that Duggal maintained control over all related domestic and international entities through this restructuring. However, the end use of the funds remains unclear.
It added that as per nHoldings SA’s financial statements for the year ending March 31, 2013, its investments in Nivio were fully written off.
The agency reiterated that Duggal has not cooperated with the investigation despite being summoned. His legal representatives have been approached for comment, and further updates are awaited.
