Chanda Kochhar, Husband Deepak and Videocon's Venugopal Dhoot in CBI Custody till 28th December in ICICI Bank Loan Fraud Case
Moneylife Digital Team / IANS 26 December 2022
In the latest development in the loan fraud case involving ICICI Bank's former managing director and chief executive (MD&CEO) Chanda Kochhar and her husband Deepak, the Central Bureau of Investigation (CBI) on Monday arrested Venugopal Dhoot, chairman of Videocon group. Later, a Mumbai court remanded the Kochhars and Mr Dhoot in CBI custody till 28th December.
 
All three were produced before special court judge AS Sayyad. During the hearing, CBI, represented by special public prosecutor A Limosin, sought three-day custody of all the three accused.
 
Mr Dhoot was placed under arrest following the questioning of ICICI Bank's former MD&CEO and her husband and businessman, Deepak Kochhar. Last week, CBI arrested the Kochhars in the bank loan fraud case. According to reports, just before their arrest, Chanda and Deepak Kochhar had sent out invites for their son's lavish wedding at the 5-star Taj Mahal hotel in Mumbai.
 
Mr Dhoot was arrested from Mumbai. CBI will produce him before a special CBI court in Mumbai later in the day. The probe agency will seek his custodial remand.
 
"It was alleged that the ICICI Bank 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 sanctioned credit facilities to these companies in violation of Banking Regulation Act, RBI guidelines and credit policy of the bank," read the first information report (FIR) accessed by IANS.
 
Ms Kochhar was on the sanctioning committee of ICICI Bank deciding two loans—Rs300 crore to Videocon International Electronics (VIEL) on 26 August 2009 and Rs750 crore to Videocon Industries Ltd (VIL) on 31 October 2011.
 
The term loan of Rs300 crore sanctioned to VIEL was disbursed on 7 September 2009. The next day, Mr Dhoot transferred Rs64 crore to NuPower Renewables Ltd (NRL) through Supreme Energy Pvt Ltd (SEPL) founded by him.
 
There were allegations that Mr Dhoot made the investment of Rs64 crore in NRL through SEPL and also transferred SEPL to Pinnacle Energy Trust, managed by Deepak Kochhar, through a circuitous route. It was done between 2010 and 2012.
 
Just before their arrest, Chanda and Deepak Kochhar had sent out invites for their son's lavish wedding at the 5-star Taj Mahal hotel in Mumbai.

A WhatsApp invitation, sent by the Kochhar family on Thursday, a day before their arrest, to their relatives and acquaintances and accessed by the Free Press Journal says, "We are delighted to invite you for Cocktails & Dinner on 7th January 2023 at the Taj Mahal Palace, Mumbai to celebrate the Wedding of our son Arjun with Sanjana. Warm Regards, Chanda & Deepak."

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Kochhars’ business links with Videocon dates back to early 1990s at least


How the Kochhars, Dhoot of Videocon defrauded ICICI Bank? CBI FIR contains detailed allegations
Comments
Kamal Garg
1 year ago
Peculiar ways of justice in India. Chanda Kochhar must have rubbed some strong wrong feathers in the establishment, otherwise how CBI, with notoriously low rate of conviction, is concerned with a private bank or company doing some wrong.
Meenal Mamdani
1 year ago
Do people have no shame? Does money make up for lack of integrity?
Obviously, The Kochars have none and their guests who will attend also have none.
And ordinary people lose their reputation if they are caught for a minor crime.
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