CBI has arrested Videocon Group’s Venugopal Dhoot in the ICICI Bank fraud case

The CBI has arrested Videocon Group’s Venugopal Dhoot in the ICICI Bank fraud case in the same case the bank’s former Managing Director (MD) and Chief Executive Officer (CEO) Chanda Kochhar and her husband Deepak Kochhar were arrested recently. And till Monday the Kochhars will remain in CBI custody.

As per the charges leveled by CBI against Kochhar, she misused her position in ICICI Bank and gave loans to Videocon Group promoter Venugopal Dhoot in 2009 and 2011 without following due process.
In the same case, the CBI had registered a case of criminal conspiracy against Kochhar, her husband and Venugopal Dhoot of Videocon Group.

Dhoot was accused of investing crores in Nupower Renewables after getting the loan. The loan was later declared as a non-performing asset (NPA) in 2012.

The Enforcement Directorate, which investigates financial crimes, is also involved in the investigation. Last month, the ED had questioned Dhoot in this case. The agency has earlier also questioned Mahesh Punglia, director of NuPower Renewables and a close aide of Dhoot, in this case.

The ED had registered a case against Dhoot, Kochhar and her husband Deepak in February 2019. Searches have been conducted at their residences in the past as well.