This loan was a portion of one that Videocon received from a group of 20 banks, led by the State Bank of India, for a total of 40,000 crore.
Digital Desk: The Central Bureau of Investigation arrested Videocon Group Chairman Venugopal Dhoot today in connection with the ICICI loan scam. This occurs just days after Chanda Kochhar, the former CEO of ICICI Bank, and her husband Deepak Kochhar was detained by the CBI in connection with alleged irregularities in a loan of more than 3,000 crores given to the Videocon Group while she was in charge of the private sector bank.
The Kochhars have been brought before a Mumbai court and are currently being questioned.
The Kochhars and Mr. Dhoot were named as accused by the CBI in the FIR filed in 2019 under the provisions of the Prevention of Corruption Act and IPC sections connected to criminal conspiracy, together with Supreme Energy, Videocon International Electronics Ltd., and Videocon Industries Limited.
The indictments in the case state that Venugopal Dhoot reportedly invested 64 crore rupees in NuPower Renewables as payment in exchange for the bank giving the Videocon group a loan between 2010 and 2012.
According to the CBI, a committee of which Ms. Kochhar was a member approved the loan. The agency stated, she abused her position and received "illegal gratification/undue benefit through her husband from Dhoot for sanctioning 300 crore to Videocon."
This loan was a portion of one that Videocon received from a group of 20 banks, led by the State Bank of India, for a total of 40,000 crore.
Due to claims that she had favoured the Videocon Group, a manufacturer of consumer electronics and an oil and gas exploration business, Chanda Kochhar, 59, resigned from her positions as CEO and managing director of ICICI Bank in October 2018.
A year later, ICICI declared that Ms. Kochhar's termination would be considered "termination for cause," claiming that she had broken the bank's code of conduct and internal standards.
Following the Banking Regulation Act, RBI standards, and the bank's credit policy, the CBI said that ICICI Bank granted credit facilities totaling 3,250 crore to the Videocon Group entities that Mr. Dhoot promoted.
It may be mentioned that Chanda Kochhar has denied any wrongdoing.
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