MUMBAI: The Central Bureau of Investigation (CBI) on Monday arrested chairman of Videocon Group Venugopal Dhoot in connection with ICICI Bank loan fraud case. Last week, the CBI had arrested former CEO of ICICI Bank Chanda Kochhar and her husband Deepak Kochhar in relation to the same case.
The CBI alleged a quid pro co deal wherein ICICI bank granted Rs 1,875 crore loan to Videocon Group, while Dhoot paid Rs 64 crore as kickbacks. CBI alleged that this Rs 64 crore was shown as investment in Deepak's company.
After Chanda Kochhar took charge as CEO of ICICI Bank, between June 2009 and October 2011, the bank sanctioned Rs 1,875 crore loans to six companies of Videocon Group.
Chanda Kochhar was one of the committee members in the two loans, including the Rs 300 crore loan to Videocon International Electronics Limited (VIEL). The very next day of this loan being disbursed, Dhoot had transferred Rs 64 crore to NuPower Renewable Limited, a company held by Deepak Kochhar. However, Videocon Group defaulted the loan payment causing loss to the bank.
The probe agency said that Chanda Kochhar committed criminal breach of trust by sanctioning Rs 300 crore loan and later on converted the funds of Rs 64 crore for her own use (by investment in her husband company NuPower Renewable Limited). It further added that being a public servant, she was entrusted with the bank funds for which she was liable to discharge such trust in accordance with the guidelines issued by the ICICI Bank.
The CBI also alleged that Dhoot transferred an apartment to Kochhar’s for their favour. In 1996, the apartment at CCI Chambers in South Mumbai was purchased for Rs 5.2 crore in the name of Credential Finance Ltd in which Videocon group had substantial shares along with Chanda and Deepak Kochhar.
Credential Finance defaulted on a Rs 4.7 crore loan of SBI Home Finance for which the apartment was placed at security.
In 2009, Videocon Group paid the SBI dues and transferred the ownership of the apartment to its group company-- Quality Appliances Pvt Ltd.
In 2016, all the shares of Quality Appliances Pvt Ltd acquired by Deepak Kochhar’s trust—Quality Advisors—by paying Rs 11 lakh.
