Videocon chairman Venugopal Dhoot arrested

Central Bureau of Investigation (CBI) officials on Monday arrested Videocon founder and CEO Venugopal Dhoot in connection with ICICI Bank loan fraud case. Dhoot is the third high-profile arrest in the Rs 3,200 case with the CBI earlier arresting former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar last week on Saturday.

Dhoot was arrested in Mumbai after the central probe agency had questioned the Kochhars. The businessman will be produced in front of a Special Court later in the day as the CBI is seeking his custodial remand. 

As per the FIR, it was alleged that “ICICI Bank Ltd sanctioned credit facilities of about Rs 3,250 crore to Trend Electronics Ltd, Century Appliances Ltd, Kail Ltd, Value Industries Ltd and Evan Fraser & Co India Ltd, all companies belonging to Videocon Group promoted by Venugopal Dhoot.”

The FIR adds that ICICI Bank officials sanctioned these loans in “violation of Banking Regulation Act, RBI Guidelines and Credit Policy of the bank.” 

Dhoot is facing allegations of quid pro quo where he made a Rs 64 crore investment in Deepak Kochhar managed Nupower Renewables Ltd (NRL) through a company called Supreme Energy Pvt. Ltd. (SEPL). He then allegedly transferred SEPL to Pinnacle Energy Trust, which was managed by Deepak Kochhar via a “circuitous route” between 2010 and 2012.

READ Chanda Kochhar arrest: What are the allegations against ICICI Bank ex-CEO?

(With inputs from IANS, PTI)