The Central Bureau of Investigation has arrested Videocon Group chief Venugopal Dhoot, days after the arrest of ICICI Bank’s former chief executive officer and managing director, Chanda Kochhar, and her husband, Deepak Kochhar, in a case related to the credit facilities extended to the group companies.
Mr. Dhoot was produced before a Mumbai special court that sent him to three-day CBI custody. The court also extended the remand of former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar till the same date. In January 2019, the agency registered a case alleging quid pro quo in sanctioning loans of ₹1,875 crore to the Videocon Group entities during Ms. Kochhar’s tenure.
Based on the CBI’s first information report, the Enforcement Directorate is conducting a probe under the Prevention of Money Laundering Act. It had arrested Mr. Kochhar in September 2020 after attaching properties worth ₹78.15 crore, which included a Mumbai flat in the name of Ms. Kochhar and other assets belonging to Mr. Kochhar’s NuPower Renewables Private Limited and its subsidiaries.
The ED had alleged that Ms. Kochhar and her family bought the flat at a nominal price by taking over a Videocon Group entity through a family trust. It was also alleged that Mr. Dhoot invested ₹64 crore in Mr. Kochhar’s company via Supreme Energy Private Limited, which was later transferred to Mr. Kochhar-controlled Pinnacle Energy Trust.
It is alleged that during Ms. Kochhar’s tenure from June 2009 to October 2011, the ICICI Bank had sanctioned six high-value loans to the Videocon Group entities. The outstanding balance against the loans, as on April 26, 2012, was adjusted as another term loan of ₹1,730 crore. The loan accounts were declared non-performing assets in June 2017.
