The Enforcement Directorate has filed a charge sheet against British citizen Sachin Dev Duggal in connection with the Videocon money laundering case.
Duggal, a resident of London and chairman of Swiss company nHoldings SA, is accused of being the key beneficiary of a scheme that laundered funds from Videocon Industries Limited through overseas entities.
The ED claims that Duggal-controlled Nivio Technologies India received interest-free loans from Videocon, and that funds were then routed to Duggal's Swiss company at an inflated valuation.
The financial records of Nivio Technologies show that the company received ₹35 crore from nHoldings SA during FY 2011-12, the same period when Videocon Group was transferring money into nHoldings SA.
Duggal failed to appear before the ED despite summons being issued to him.
