CBI books former ICICI Bank Chief Chanda Kochhar in Videocon loan case

The Central Bureau of Investigation (CBI) has now filed an FIR against former MD and CEO of ICICI Bank; Chanda Kochhar, her husband Deepak Kochhar, and Videocon group’s promoter Venugopal Dhoot, in the high profile Videocon loan case.

CBI books former ICICI Bank Chief Chanda Kochhar in Videocon loan case CBI books former ICICI Bank Chief Chanda Kochhar in Videocon loan case Source : press

The Central Bureau of Investigation (CBI) has now filed an FIR against former MD and CEO of ICICI Bank; Chanda Kochhar, her husband Deepak Kochhar, and Videocon group's promoter Venugopal Dhoot, in the high profile Videocon loan case; that had led to the unceremonious exit of Mrs. Chanda from the group.


It is a case of quid-pro-quo; wherein it is alleged Chanda Kochhar sanctioned loans to the now debt-ridden Videocon Group, in a criminal conspiracy with the other accused to cheat ICICI Bank. 


It is also being alleged that Videocon promoter; Venugopal Dhoot, allegedly invested crores of rupees in Deepak Kochhar's Nupower months after the Videocon group got Rs 3,250 crore as loan from the ICICI Bank in 2012.


Earlier in the day, the CBI had carried out raids in connection with alleged irregularities of the loan. The CBI searched headquarters of Videocon Group in Mumbai and its offices in Aurangabad, as well as the offices of NuPower and Supreme Energy.


This move of the CBI comes 10 months after the CBI registered a preliminary enquiry (PE) against Videocon promoter Venugopal Dhoot, Deepak Kochhar and unidentified others in March last year. And now; with the PE being converted into an FIR, it has become certain that a full-fledged criminal inquiry underway for those accused.


This case has seen the fall of Chanda Kochhar; who stepped down as the CEO and MD of the ICICI bank after a rather illustrious career amid allegations of conflict of interest and lack of disclosure before sanctioning the loans. 

Apart from the named accused, M/s. Nupower Renewables Ltd. (NRL), M/s. Supreme Energy Pvt. Ltd. (SEPL), M/s. Videocon International Electronics Ltd. (VIEL), M/s. Videocon Industries Ltd. (VIL), and others have been under Section 120-B (criminal conspiracy), 420 (cheating) of Indian Penal Code read with Section 7, Section 13(2) r/w 13(1)(d) of PC Act, 1988.



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