ONGC Videsh Fraudulent Acquisitions Shatters India’s Oil Security
Did ONGC foreign investment arm knowingly throw away 5,000 cores? If yes, who were the beneficiaries? ABC Tries to find out the real truth behind this oil acquisitions.
New Delhi (ABC Live):In January of 2009, amidst much fanfare and kudos ONGC’s foreign investment subsidiary ONGC Videsh Ltd, OVL made a USD 2.12 billion (Rs 10,320 crore) acquisition of a UK company with oil exploration fields in Russia.
A yearlong investigation by ABC shows that at least some officials of OVL might have been willing accessory to massive fraud to Indian exchequer.It is now emerging that not only did OVL pay a highly inflated price for the acquisition – nearly two times more that the proven production and reserves – large amounts of foreign exchange might have been diverted to offshore tax havens.
Source: ABC Live