January 27, 2023
CBI Arrests Videocon CEO 2 Days After Ex-ICICI Bank CEO Chanda Kocchar

CBI Arrests Videocon CEO 2 Days After Ex-ICICI Bank CEO Chanda Kocchar

The Central Bureau of Investigation detained Videocon Group Chairman Venugopal Dhoot today concerning the ICICI loan case. This occurred just days after Chanda Kochhar, the former CEO of ICICI Bank, and her husband, Deepak Kochhar, were 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 defendants by the CBI in the FIR filed in 2019 under the provisions of the Prevention of Corruption Act and IPC sections related to criminal conspiracy, along with Supreme Energy, Videocon International Electronics Ltd., and Videocon Industries Limited.

According to the charges in the case, Venugopal Dhoot allegedly invested 64 crores in NuPower Renewables as part of the deal months after the Videocon group received the loan from the bank between 2010 and 2012.

According to the CBI, the loan was approved by a committee on which Ms. Kochhar served. According to the agency, she abused her position and “received illegal gratification/undue benefit from Dhoot for sanctioning 300 crores to Videocon through her husband.”

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It was part of a 40,000 crore loan obtained by Videocon from a group of 20 banks led by the State Bank of India.

Chanda Kochhar, 59, resigned as CEO and MD of ICICI Bank in October 2018 amid allegations that she favored the Videocon Group, a consumer electronics and oil and gas exploration firm.

ICICI said a year later that Ms. Kochhar’s departure would be treated as “termination for cause,” citing violations of the bank’s code of conduct and internal policies.

The CBI claimed that ICICI Bank granted credit facilities totaling Rs 3,250 crore to Videocon Group companies promoted by Mr. Dhoot in violation of the Banking Regulation Act, RBI guidelines, and the bank’s credit policy.

Chanda Kochhar has denied all allegations of wrongdoing.

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