The ED has recorded the statement of Videocon Group chief Venugopal Dhoot, who is under investigation in connection with the alleged sanction of loans to group companies during the tenure of Chanda Kochhar as the managing director and chief executive officer of ICICI Bank.
The agency had earlier recorded statements of Ms. Kochhar and several others under the Prevention of Money Laundering Act. The probe is based on an FIR registered by the CBI against Ms. Kochhar, her husband Deepak Kochhar, Mr. Dhoot and others in January.
The CBI has alleged a quid pro quo of ₹64 crore to Mr. Kochhar’s company. According to the CBI, the bank had cleared six high-value loans to the Videocon Group entities between June 2009 and October 2011. The outstanding against these accounts, as on April 26, 2012, was adjusted as another term loan of ₹1,730 crore sanctioned under the refinance of domestic debt.
However, the accounts were declared non-performing assets in June 2017 owing to alleged non-repayment.
After registering the cases, the CBI and the ED had carried out searches in the premises of the Videocon Group companies, Mr. Kochhar’s firm Nupower Renewables Limited and Supreme Energy Private Limited.
It was alleged that ₹64 crore was invested via a circuitous route between 2010 and 2012 in Nupower Renewables through Supreme Energy, which was also transferred to Pinnacle Energy Trust, another company managed by Mr. Kochhar.
