Kamal Ghorui
NEW DELHI: ED Wednesday said it has filed a chargesheet before a PMLA court in Delhi against UK resident Sachin Dev Duggal, chairman of Swiss company nHoldings SA, alleging that Videocon Industries Ltd of V N Dhoot siphoned off over Rs 35 crore to the Swiss firm before routing the money back to Indian tech firm Nivio Technologies.Duggal did not appear for questioning despite multiple summonses since 2022. “He provided only partial, evasive documentary submissions by email. Investigations revealed systematic diversion of over $2 billion by Videocon group promoters, layered through a complex web of overseas entities,” ED said.“This prosecution complaint is in continuation of the original complaint of Dec 18, 2024, against V N Dhoot and 12 others, cognisance of which was taken on Feb 10, 2026,” the agency said.The agency claimed that since 2008, VIL had advanced interest-free loans of over Rs 17 crore to Duggal-controlled Nivio Technologies India Pvt Ltd without a formal agreement. A loan pact was signed on May 24, 2011, and the next day an overseas Videocon entity invested CHF 37.9 lakh in nHoldings SA at an inflated valuation.Between 2011 and 2014, Videocon routed $37 lakh to nHoldings SA and Duggal through five overseas firms. ED said its probe, based on a 2020 CBI FIR, found Duggal was the “key beneficiary” of a scheme to launder funds. Financial records showed Nivio received Rs 35 crore from nHoldings SA in FY12, when Videocon was transferring funds into the Swiss entity.
