Venugopal Dhoot, the promoter of Videocon Group, was granted interim bail by the Bombay High Court after being arrested by the CBI last month in connection with a loan fraud case. Dhoot petitioned the High Court after a special CBI court denied his plea on January 5. Dhoot claimed his December 26 arrest was illegal and requested an interim release.
Bombay High Court grants interim bail to Videocon Group promoter Venugopal Dhoot
He had approached High Court as accused in the case. Chanda Kochhar , former MD and CEO of ICICI Bank and her husband Deepak Kochhar were granted bail earlier this month. On December 24, the Kochhars were apprehended by the CBI. While granting them bail, the court noted that their arrest was illegal.
“not in conformity with provisions of law”
Venugopal’s lawyers argued in court that he always cooperated with the investigating officer and was not arrested by the Enforcement Director, which filed a prosecution complaint in a related case before a special PMLA court.
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Background of Loan Fraud Case
Between June 2009 and October 2011, ICICI Bank sanctioned rupee loans (RTLs) totaling Rs 1,875 crore to six Videocon Group companies in order for them to repay the loans to M/s Videocon Industries Limited.
Allegations
Loans were sanctioned after Chanda Kochhar took over as the bank’s MD and CEO.
Chanda Kochhar was a member of the sanctioning committee when two loans were approved: Rs 300 crore to Ms Videocon International Electronics Limited and Rs 750 crore to M/s Videocon Industries Limited.
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