In connection with the suspected money laundering case involving ICICI Bank and Videocon, the Central Bureau of Investigation detained Videocon CEO Venugopal Dhoot on Monday. The CEO was taken into custody in Mumbai.
Central Bureau of Investigation arrests Videocon CEO Venugopal Dhoot in the alleged ICICI Bank Videocon money laundering case
Chanda Kochhar, the former managing director and chief executive officer of ICICI Bank, and her husband Deepak Kochhar had already been detained by the agency in connection with the case.
The CBI has charged 61-year-old Chanda Kochhar with irregularities, violating banking laws, and breaking the law when she approved a number of loans to businessman Venugopal N. Dhoot’s Videocon Group between 2009 and 2011, while she was in charge of the bank.
The Kochhar couple and Dhoot were charged in 2019 with violating the Indian Penal Code and the Prevention of Corruption Act, along with the names of the following corporations: Videocon International Electronics Ltd., NuPower Renewables Pvt. Ltd., Videocon Industries Ltd., and Supreme Energy Pvt. Ltd.
Also Read: Chanda Kochhar, ex CEO ICICI Bank arrested with her husband by CBI in loan fraud case
CBI claims Videocon Group got loan of Rs 3,250 crore from ICICI Bank in 2012 ,Dhoot diverted Rs 64 crore to NuPower Renewables where Deepak Kochhar had 50 percent stake
After the Videocon Group received a loan of Rs 3,250 crore from ICICI Bank in 2012, the CBI claimed that Dhoot allegedly diverted Rs 64 crore to NuPower Renewables, where Deepak Kochhar had a 50% stake, raising concerns and ethical issues given that Chanda had set the credit limits for the Videocon Group companies.
According to the CBI charge sheet, under Kochhar, the ICICI Bank approved loans to the Videocon Group and other parties in flagrant violation of the bank’s policies. When these loans were later deemed non-performing assets (NPAs), the bank suffered losses, while the accused and borrowers made illegal gains.
The CBI also sought to look into the actions of other senior ICICI Bank executives who allegedly followed Chanda’s orders to issue loans to the Videocon Group and other companies.
Under Chanda Kochhar ICICI Bank sanctioned loans Videocon Group and others in complete violation of the bank’s policies, later these loans were declared non-performing assets (NPA’s)
The loans to the Videocon Group companies and other borrowers eventually became non-performing assets (NPAs) by 2017. According to the CBI, the majority of these loans were flagged as “frauds” after the investigation because they were flagged for flagrant violations of the law, banking regulations, and bank policies.
A co-accused person allegedly assisted Deepak Kochhar, the husband of former ICICI Bank CEO-MD Chanda Kochhar, in obtaining ownership of Nupower Renewables Ltd (NRL) and in collecting money that was obtained illegally, according to the investigating agency.
This information was made public after Chanda Kochhar and Deepak Kochhar were remanded to CBI custody until December 26 by a special CBI court on Saturday. In connection with their suspected involvement in the ICICI Bank-Videocon money laundering case, the CBI had detained the couple on Friday. Co-accused in the case is Videocon Group employee Venugopal Dhoot.
Deepak Kochhar, Venugopal Dhoot, and Saurabh Dhoot served as the organization’s first directors when it was founded on December 24, 2008.
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