Loan Fraud Case: Venugopal Dhoot Says Arrest Unwarranted, Says CBI Was Avoiding Probe

Mumbai:

Videocon Group promoter Venugopal Dhoot’s counsel today argued before the Bombay High Court that the industrialist’s arrest in the ICICI Bank loan fraud case was unwarranted as he was cooperating with the probe.

On the other hand, the Central Bureau of Investigation (CBI) claimed that he was trying to evade the probe.

Venugopal Dhoot, arrested by the CBI on December 26, 2022 and currently in judicial custody, has moved the High Court seeking quashing of the First Information Report, and also sought interim bail.

A division bench of Justices Revati Mohite Dere and PK Chavan reserved its order on the interim relief after hearing both Venugopal Dhoot’s counsel Sandeep Ladda and CBI counsel Raja Thackeray.

Advocate Sandeep Ladda argued that Venugopal Dhoot had appeared before the CBI “31 times” since the ‘Preliminary Inquiry’ (PE) was registered in December 2017.

The lawyer said, “Venugopal Dhoot was never arrested in this case. Even when the charge sheet was filed, Venugopal Dhoot appeared before the concerned court, which granted him bail saying That he is cooperating in the investigation.”

He said that Venugopal Dhoot had also appeared before the CBI twice last month.

The counsel submitted that he could not appear on two other dates (December 23 and 25) as summons had already been sent to him by the Enforcement Directorate on December 23.

Advocate Ladda said, “The CBI is terming non-cooperation for not appearing for two days. On December 25, the CBI issued a notice to Venugopal Dhoot…he appeared on December 26 and was arrested.”

CBI counsel Raja Thackeray said that Dhoot was summoned in December 2022 to confront him with Chanda Kochhar, former MD and CEO of ICICI Bank; and her husband Deepak Kochhar, both were arrested on 23 December.

“Dhoot and Kochhar family have made a systematic effort to evade investigation. It is a case of conspiracy. When they are out (not arrested) they decide to give precise answers. But as soon as a person is arrested is done, the blame game begins.” starts and they start pointing fingers at each other,” Thackeray said.

He said that the CBI wanted to bring all the three accused together for questioning. Thackeray said, “Despite being summoned, he (Dhoot) refused to appear. The CBI had the custody of the Kochhar family for some time at that time and therefore wanted to confront him with Dhoot. “

When the High Court asked whether all three were interrogated together after Dhoot’s arrest, Thackeray said they were interrogated together on December 26 and 27.

But Dhoot’s lawyer said that this was not true. He claimed that the industrialist was never made to sit with the Kochhar family and was not questioned after his arrest.

Thackeray further said that just because there was a delay in arresting an accused, the arrest does not become illegal or improper.

“These cases are of high magnitude, with high value transactions woven into layers of companies, which are difficult to investigate. A careful study is required,” he said.

The CBI counsel said that if a person is arrested in a hurry, time starts ticking for the investigating agency to conduct the investigation within the stipulated time for filing the charge sheet.

A division bench of the high court had on Monday granted interim bail to Chanda Kochhar and Deepak Kochhar in the case, while coming down heavily on the CBI for arresting them in an “informal and mechanical” manner.

According to the central agency, private sector lender ICICI Bank had sanctioned credit facilities worth Rs 3,250 crore to Videocon group companies in violation of the Banking Regulation Act, Reserve Bank of India guidelines and the bank’s credit policy.

CBI named Chanda Kochhar, Deepak Kochhar and Dhoot along with Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Limited and Videocon Industries Limited in an FIR registered in 2019 under Indian Penal Code sections related to criminal Is. The provisions of the Prevention of Conspiracy and Corruption Act.

As part of ‘quid pro quo’ (something given in return for a favour) for loans sanctioned to Videocon group firms, Dhoot invested Rs 64 crore in NuPower Renewables through Supreme Energy Pvt Ltd (SEPL) , and transferred SEPL to Pinnacle Energy Trust. The CBI has alleged that Deepak Kochhar had taken a circuitous route between 2010 and 2012.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)