Videocon chief Venugopal Dhoot
Videocon Group chairman Venugopal Dhoot was arrested by the CBI today in connection with in the case linked to alleged irregularities in a loan of Rs 3,250 crore from ICICI Bank in 2012 to the company.
The 71-year-old Dhoot was arrested from Mumbai, nearly three days after former CEO and MD of the ICICI Bank Chanda Kochhar and her husband Deepak Kochhar were taken into custody by the CBI.
The CBI has alleged that ICICI Bank had sanctioned credit facilities to the tune of Rs 3,250 crore to the companies of Videocon Group promoted by Dhoot in violation of the Banking Regulation Act, RBI guidelines, and credit policy of the bank.
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 some front companies set up for the purpose between 2010 and 2012, the FIR has alleged.
The CBI had named the Kochhars and Dhoot, along with companies Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd, and Videocon Industries Limited, as accused in the FIR registered under IPC sections related to criminal conspiracy and provisions of the Prevention of Corruption Act in 2019, they said.
Former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar were arrested by the CBI on Friday in a case linked to alleged irregularities in a loan of Rs 3,250 crore in 2012 to the Videocon Group.
Chanda Kochhar, 59, had to resign as CEO and managing director of ICICI Bank in October 2018 over allegations that she favoured Videocon Group in giving loans which became a non-performing asset for the ICICI Bank.
ICICI said a year later that it would treat Ms Kochhar’s exit as “termination” as she violated the bank’s code of conduct.
The case came to light after a whistleblower alleged that Ms Kochhar’s husband Deepak Kochhar had benefited from the loans extended by ICICI Bank.
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