Videocon Founder Dhoot Arrested In ICICI Bank Loan Fraud Case

The CBI arrested Videocon group founder Venugopal Dhoot in connection with the ICICI Bank loan fraud case, officials said.

PTI @PTI_News

26 Dec 2022, 01:33 PM IST

<div class="paragraphs"><p>Videocon Group Chairman Venugopal Dhoot poses for a picture at the company corporate office in Mumbai January 7, 2015. Satellite television operator Videocon d2h Ltd has agreed to sell shares worth up to $375 million to U.S. based Silver Eagle Acquisition Corp EAGLU.PK and the proceeds will be used to expand its services. (Source: REUTERS/Danish Siddiqui (INDIA - Tags: BUSINESS))</p></div>

Videocon Group Chairman Venugopal Dhoot poses for a picture at the company corporate office in Mumbai January 7, 2015. Satellite television operator Videocon d2h Ltd has agreed to sell shares worth up to $375 million to U.S. based Silver Eagle Acquisition Corp EAGLU.PK and the proceeds will be used to expand its services. (Source: REUTERS/Danish Siddiqui (INDIA - Tags: BUSINESS))

The CBI on Monday arrested Videocon group founder Venugopal Dhoot in connection with the ICICI Bank loan fraud case, officials said.

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

The CBI had named the Kochhars and Dhoot, along with companies Nupower Renewables 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, they said.

The CBI had alleged that ICICI Bank had sanctioned credit facilities to the tune of Rs 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.

It was also alleged that as a part of the quid pro quo, Dhoot made an investment of Rs 64 crore in Nupower Renewables through Supreme Energy Pvt Ltd and transferred SEPL to Pinnacle Energy Trust managed by Deepak Kochhar through a circuitous route between 2010 and 2012, the FIR has alleged.