Videocon loan fraud case: The Central Bureau of Investigation (CBI) on Friday arrested former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar in connection with alleged fraud and irregularities in a loan sanctioned by the bank to Videocon Group of Companies in 2012. One turned into a Non Performing Asset (NPA) and was later termed as a bank fraud.
Kochhar and Venugopal Dhoot of Videocon Group as well as Nupower Renewables, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Ltd were named as accused by the CBI.
According to officials, an FIR was registered against them under IPC sections related to criminal conspiracy and provisions of the Prevention of Corruption Act.
on the case
According to reports, Videocon promoter Venugopal Dhoot allegedly invested crores of rupees in NuPower after the Videocon group got a loan of Rs 3,250 crore from ICICI Bank in 2012.
The CBI, after registering the FIR in 2019, had said in a statement that it was alleged that the accused had sanctioned certain loans to private companies in a criminal conspiracy to defraud ICICI Bank.
Notably, the Enforcement Directorate (ED) had also registered a money laundering case against the Kochhars, Dhoot and others following an FIR lodged by the CBI.
Read also: Videocon loan case: Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar, gets bail