The Enforcement Directorate (ED) has submitted a supplementary charge sheet in a Special Court in Delhi against Sachin Dev Duggal, a UK resident, in connection with the Videocon money laundering case. This action follows the original charge sheet filed on December 18, 2024, against Venugopal Dhoot and 12 others. The ED’s investigation, initiated based on a CBI FIR from June 23, 2020, revealed alleged diversion of funds amounting to nearly $2.03 billion by Videocon Group promoters through overseas entities.
Sachin Dev Duggal, identified as the chairman of Swiss firm nHoldings SA and owner of Indian technology firms Nivio Technologies and Engineer.AI, was allegedly a key beneficiary of the scheme involving siphoning off funds from Videocon Industries. The ED claimed that the illicit activities began in 2008 when interest-free loans were extended to Duggal’s Nivio Technologies India Pvt Ltd without a formal agreement. Subsequently, funds were routed through overseas entities, with financial records indicating significant transactions between the entities.
Despite multiple summonses issued since January 2022, Duggal reportedly failed to appear before the ED, providing only partial and evasive documents via email. The end use of the diverted funds remains undisclosed, with investments in Nivio reportedly written off in the financial statements of nHoldings SA for the year ending March 31, 2013. The ED’s allegations suggest a complex web of financial transactions aimed at laundering money through various international channels.
