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The Central Bureau of Investigation (CBI) on Monday arrested Videocon Group founder Venugopal Dhoot in connection with the ICICI Bank loan fraud case. This came days after the probe agency apprehended ICICI Bank’s former chief executive officer (CEO) and managing director Chanda Kochhar and her husband Deepak Kochhar for alleged irregularities in financial transactions with the now-bankrupt conglomerate.
Dhoot was arrested from Mumbai after a brief questioning session on Monday morning. Later, a special CBI court in Mumbai sent him to the agency’s custody till Wednesday while extending the remand of the Kochhar couple till the same date.
The CBI told the court it wanted to confront Dhoot with the Kochhars. The court noted that the investigation was in the initial stage in respect of a very serious offence, and in such cases, sufficient time was required to be given to the investigating agency to interrogate the accused.
S S Ladda, lawyer for Dhoot, said they had cooperated with the CBI on every summons issued in the past three years. “The summonses under Section 41 of CrPC were issued, and the laws are clear that the accused will not be arrested or else we would have taken anticipatory bail,” Ladda said.
The CBI is planning to file a charge sheet against the three and other suspects soon, officials said. The agency had taken into custody the Kochhars, alleging that they were not cooperating with the investigation and were giving evasive replies.
ALSO READ: From industry icon to defaulter: How Venugopal Dhoot lost his empire
In 2016, a whistle-blower had sought an inquiry into the transactions between ICICI Bank, Videocon Group, and NuPower Renewables — a company promoted by Deepak Kochhar.
The allegations resurfaced in early 2018. It was alleged that a company related to Dhoot invested Rs 64 crore in NuPower in 2010 and later the proprietorship was transferred to a trust owned by Deepak Kochhar for Rs 9 lakh after Videocon received a loan of Rs 3,250 crore from ICICI Bank in 2012.
In 2019, the CBI lodged an FIR against Dhoot, the Kochhars, and the companies including NuPower and Videocon Industries for allegedly cheating ICICI Bank of Rs 1,730 crore under provisions of the Indian Penal Code and the Prevention of Corruption Act. Loans to Videocon were classified as non-performing assets in 2017.
During the preliminary enquiry, the investigative agency found that six loans worth Rs 1,875 crore were extended to Videocon Group and other companies between 2009 and 2011 in violation of the bank’s credit policies.
Following the allegations, Kochhar had gone on indefinite leave and later stepped down from the post of CEO & MD in 2018. Sandeep Bakhshi replaced Kochhar as CEO & MD of the private sector bank.
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