CBI arrests Venugopal Dhoot in loan fraud case
ICICI Bank Ltd allegedly sanctioned Rs3,250-cr credit facilities to Trend Electronics Ltd, Century Appliances Ltd, Kail Ltd, Value Industries Ltd and Evan Fraser & Co India Ltd, all firms belonging to Videocon Group
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Loan Fraud Case
- CBI will produce Venugopal Dhoot before a special CBI court in Mumbai
- Probe agency will seek his custodial remand
- CBI on Saturday arrested former ICICI Bank CEO& MD Chanda Kochhar along with her husband Deepak Kochhar
New Delhi: In a latest development in the loan fraud case involving former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar, the Central Bureau of Investigation (CBI) on Monday arrested Venugopal Dhoot, 71, Chairman Videocon group. Dhoot was placed under arrest following the questioning of Kochhars. His arrest was made in Mumbai.
The CBI will produce him before a Special CBI court in Mumbai later in the day. The probe agency will seek his custodial remand. The CBI is planning to file a charge sheet against the three and other suspects soon.
"It was alleged that the ICICI Bank Ltd sanctioned credit facilities of about Rs3,250 crore to Trend Electronics Ltd, Century Appliances Ltd, Kail Ltd, Value Industries Ltd and Evan Fraser & Co India Ltd, all companies belonging to Videocon Group promoted by Venugopal Dhoot.
"The officials of ICICI Bank Ltd sanctioned credit facilities to these companies in violation of Banking Regulation Act, RBI Guidelines and Credit Policy of the bank," read the FIR accessed by IANS.
There were allegations that Dhoot made an investment of Rs64 crore in Nupower Renewables Ltd (NRL) through Supreme Energy Pvt Ltd (SEPL) and also transferred SEPL to Pinnacle Energy Trust managed by Deepak Kochhar through a circuitous route. It was done between 2010 and 2012.
The Central Bureau of Investigation (CBI) arrested former ICICI Bank CEO and MD Chanda Kochhar along with her husband Deepak Kochhar on Saturday. Chanda Kochhar has denied knowledge of any pecuniary transactions between her husband and Dhoot, the agency had claimed during remand proceedings at a CBI Special Court in Mumbai on December 24.
Senior advocate Amit Desai, appearing for the Kochhars, had opposed the remand, saying the "main borrower of the loan has not been arrested, and the present accused were not the beneficiary of any amount. Desai had also brought to the court's notice a letter written by the ICICI Bank to the CBI in July 202I stating that there was no wrongful loss to it in any of the transactions under question.
