CBI arrests Videocon Group Chairman in ICICI Bank irregularities case

New Delhi, Dec 26: The Central Bureau of Investigation has on Monday arrested Videocon Group Chairman, Venugopal Dhoot in connection with the ICICI Bank loan irregularities.

The arrest comes three days after the arrest of former ICICI Bank managing director, Chanda Kochhar's arrest. Her husband Deepika Kochhar too was arrested in connection with the same case.

Dhoot had been questioned several times over the past four years and was today arrested on the basis of documentary evidence, in which it was shown that he had allegedly bribed the Kochhars for availing loans at the private bank. The Kochhars are being questioned since their arrest on Friday. Chanda Kochhar stepped down as the Managing Director in October 2018 after allegations of irregularities surfaced.

In the First Information Report (FIR) filed in January 2019, the CBI alleged that there were irregularities in six high value loans worth Rs 1,875 crore disbursed to Videocon Group between June 2009 and October 2011.

The CBI claimed that the Kochhars allegedly got Rs 64 crore bribe from Dhoot a day before the bank disbursed a loan of Rs 300 crore to Videocon International Electronics Ltd in August 2009.

The case of money laundering was investigated by the Enforcement Directorate and a chargesheet was filed in November 2020 alleging that the Kocchars. And Dhoot used a web of companies to launder money that had been received as bribe. In September 2020, the ED had arrested Deepak Kocchar before he had been granted bail in March 2021. The ED claimed that the ICICI Bank had disbursed a loan of Rs 300 crore to Videocon International Electronics Ltd (VIEL) in September 2009. Rs 64 core was transferred to Kochhar's company, NuPower Renewables Ltd (NRL) through Supreme Energy Pvt Ltd (SEPL) the next day.

The NRL was started by Dhoot and Kocchar, the ED said.

Chanda Kochhar according to the probe was part of the decision making process and the chairperson/member of the recommending sanctioning committees for loans sanctioned for the Videocon Group. The ED also said that Deepak and Dhoot had appointed drivers, office boys and other junior employees as directors.