Videocon founder Venugopal Dhoot arrested in ICICI Bank loan fraud case

The Central Bureau of Investigation (CBI) on Monday arrested Videocon group founder Venugopal Dhoot in connection with the ICICI Bank loan fraud case, officials said.

Dhoot, 71, was arrested from Mumbai, nearly three days after former CEO and MD of ICICI Bank Chanda Kochhar and her husband Deepak Kochhar were taken into custody by the CBI.

Also read: Former ICICI Bank CEO Chanda Kochhar, husband arrested in Videocon case

The officials also affirmed that the CBI had named the Kochhars and Dhoot, along with companies Nupower Renewables (NRL), managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd, and Videocon Industries Limited, as accused in the FIR registered under IPC sections related to criminal conspiracy and provisions of the Prevention of Corruption Act in 2019.

“ICICI Bank had sanctioned credit facilities to the tune of ₹3,250 crore to the companies of Videocon Group promoted by Dhoot in violation of the Banking Regulation Act, RBI guidelines, and credit policy of the bank,” the CBI added.

It was also alleged that as part of a quid pro quo deal, Dhoot made an investment of ₹64 crore in Nupower Renewables through Supreme Energy Pvt Ltd (SEPL).

Also read: From Forbes’ lists to CBI handcuffs: The rise and fall of Chanda Kochhar

Moreover, Dhoot has transferred SEPL to Pinnacle Energy Trust managed by Deepak Kochhar through a circuitous route between 2010 and 2012, the FIR alleged.