CBI arrests Videocon chairman Venugopal Dhoot in ICICI Bank loan case

Image Source : PTI/FILE PHOTO Videocon chairman Venugopal Dhoot (in black suit) (File Photo)

Venugopal Dhoot arrested: The Central Bureau of Investigation (CBI) on Monday (December 26) arrested Videocon group chairman Venugopal Dhoot in connection with the ICICI Bank loan case.  The central agency had arrested former ICICI Bank CEO and managing director Chanda Kochhar and her husband Deepak Kochhar last week on Friday. Chanda Kochhar had stepped down from the top post in 2018.

Later, both were sent to CBI custody till December 26. 

The CBI has alleged that ICICI Bank sanctioned credit facilities to the tune of Rs 3,250 crore to the companies of Videocon Group promoted by Venugopal Dhoot in violation of the Banking Regulation Act, RBI guidelines and the credit policy of the bank.

During the remand hearing of the Kochhars, the probe agency, represented by special public prosecutor A Limosin, argued that Chanda Kochhar also committed  ‘criminal breach of trust’ under section 409 of the IPC by sanctioning credit facility of Rs 300 crore to Videocon International Electronics Limited (VIEL).

Later, she converted Rs 64 crore allegedly received from V N Dhoot, managing director of Videocon group, for her own use by investing it in her husband’s company NuPower Renewable Limited, it alleged.

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In 2019, the CBI had named the Kochhar couple 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 First Information Report registered under IPC sections related to criminal conspiracy and provisions of the Prevention of Corruption Act.

According to the CBI, in 2009, a sanctioning committee of ICICI Bank headed by Chanda Kochhar sanctioned a term loan of Rs 300 crore to VIEL in contravention of rules and policies of the bank.

(With inputs from PTI)

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