The CBI has arrested Videocon Group's Venugopal Dhoot in the ICICI Bank fraud case days after former managing director (MD) and chief executive officer (CEO) of the bank - Chanda Kochhar - and her husband Deepak Kochhar were arrested. The couple was later remanded to the CBI custody till Monday.
As per the accusations against Kochhar, she misused her position in the ICICI Bank and granted loans to Videocon group promoter Venugopal Dhoot in 2009 and 2011. The CBI had filed a criminal conspiracy case against against Kochhar, her husband and Venugopal Dhoot of the Videocon group. Dhoot was accused of investing crores in Nupower Renewables after he got the loan. The loans were later declared as non-performing assets in 2012,
The Enforcement Directorate - which probes financial crimes - is also involved in the probe. Last month, the ED had questioned Dhoot over the matter. The agency has also earlier quizzed Mahesh Pungalia, a director of NuPower Renewables and a close aide of Dhoot, in the case.
The ED had filed a case against Dhoot, Kochhar and her husband Deepak in February 2019. Searches have also been conducted at their residences in the past.
{{/usCountry}}The ED had filed a case against Dhoot, Kochhar and her husband Deepak in February 2019. Searches have also been conducted at their residences in the past.
{{/usCountry}}Amid intensifying investigation, Kochhar had to step down from her position in the ICICI bank in 2018 because of this multi-crore fraud case. She had denied all the charges against her and her husband.
In November, the Bombay High Court had termed the action taken by ICICI Bank against Chanda Kochhar as valid and refused to grant interim relief to her in her suit against the bank. While Kochhar had sought an honouring of the commitments and contractual obligations made by the bank when she retired on October 4, 2018, the bank sought a claw-back of bonuses and revocation of retirement benefits.