Friday, March 24, 2023

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CBI arrests Videocon chairman Venugopal Dhoot in ICICI Bank loan case

NEW DELHI: The Central Bureau of Investigation (CBI) on Monday arrested Videocon chairman Venugopal Dhoot in connection with the ICICI bank fraud case.
The CBI will produce him before a special CBI court in Mumbai later in the day. The probe agency will seek his custodial remand.
On Friday, the CBI arrested former CEO and managing director of ICICI Bank Chanda Kochhar and her husband Deepak Kochhar. She quit as the CEO of the bank in 2018.

After arresting the two in Delhi following their questioning in the case on Friday, the CBI produced the duo in the special court seeking three days’ custody, which was granted. The CBI accused them of non-cooperation in the investigation.

Chanda Kochhar took charge of ICICI Bank in May 2009, after which she allegedly illegally sanctioned loans to the Videocon group of companies. The ICICI Bank loans of Rs 1,875 crore to the Videocon group companies became non-performing assets in 2017. It caused loss to the bank, according to the CBI.
It was also alleged that as a part of the quid pro quo, Dhoot made an investment of Rs 64 crore in Nupower Renewables through Supreme Energy Pvt Ltd (SEPL) and transferred SEPL to Pinnacle Energy Trust managed by Deepak Kochhar through a circuitous route between 2010 and 2012.
(With inputs from agencies)

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