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ICICI Bank loan case: CBI arrests Venugopal Dhoot


The Central Bureau of Investigation (CBI) arrested Videocon group chairman Venugopal Dhoot on Monday in reference to its probe into loans of Rs 1,730 crore sanctioned by when Chanda Kochhar was the MD and CEO of the financial institution.

A vacation court docket remanded Dhoot in CBI’s custody until December 28. The court docket additionally prolonged the remand of Chanda Kochhar and her husband Deepak who had been arrested on Friday by three days. The CBI sought a three-day custody to confront the accused.

The investigating officer informed the court docket that the three weren’t cooperating and refused to look collectively for questioning. “We summoned the three on December 15, asking the three to hitch the probe on December 19. Nonetheless, none appeared, citing varied causes. Then, on December twenty second, Dhoot appeared and informed us that he could not be accessible on December 23 as he needs to be earlier than the Enforcement Directorate. The Kochhars appeared on the twenty third,” mentioned the officer.


‘Rs 64-Crore Mortgage By no means Repaid’


The CBI’s counsel A Limosin argued that the company was left with no possibility however to arrest the accused “owing to non-cooperation”. “Dhoot has not been cooperating with the investigation and has been inconsistent within the statements. He has modified his model on a number of events throughout the course of investigation. He had not disclosed full and true information of the case,” Limosin argued.

In the meantime, the CBI’s probe has revealed that the Rs 64 crore mortgage given by Dhoot to Deepak Kochhar‘s NuPower Renewables Ltd (NRL) was by no means repaid, mentioned individuals conscious of the matter.

“One of many factors of confrontation between the three accused is the mortgage of Rs 64 crore given to Kochhar’s firm by a Videocon group firm. The Rs 300 crore mortgage availed by Dhoot from ICICI (Financial institution) was to care for his different liabilities… it is not prudent to pay part of the mortgage to any individual and by no means count on it to be paid again,” one of many individuals informed ET on situation of anonymity. “That is nothing however a quid professional quo association and a basic case of bribery.”
In response to sources, in September 2009, Videocon Industries Ltd (VIL) paid Rs 64 crore as advance to Supreme Energy Private Ltd (SEPL), an organization linked to Dhoot. “In July 2011, it assigned this advance from SEPL to its group firm Indian Fridge Firm Ltd (IRCL). In August 2011, IRCL in flip assigned it to a different firm, Actual Home equipment Pvt Ltd (RAPL), which later modified its identify to Actual Cleantech Pvt Ltd (RCPL). The current standing of RCPL is ‘struck off’ in Registrar of Companies data… although the quantity continues to be payable by SEPL to VIL group,” mentioned the individual.

SEPL was promoted and integrated by Dhoot, however by 2012 it was owned by Deepak Kochhar.

“Investigation has revealed that accounting entities had been made within the books of SEPL i.e creation of provisioning of Rs 32 lakh ( for Rs 64 crore transferred by VIL in NRL by means of SEPL) and its reversal follows the sample of occasions in ICICI Financial institution pertaining to allegation/ inquiry in opposition to Chanda Kochhar,” mentioned the individual.


Inappropriate Prosecution Sanction


On Monday, the defence once more raised the difficulty of the communique despatched by ICICI Financial institution to the CBI whereas granting sanction to prosecute Chanda Kochhar.

In response to defence lawyer Amit Desai, the letter dated July 9, 2021, states that “there was no wrongful loss prompted to the financial institution” and that “the loans had been sanctioned following due process and the loans beneath investigations are extinguished”. Nonetheless, in keeping with individuals aware of the CBI’s findings, after receiving the communique, the company wrote to the financial institution on a number of events. The CBI requested for reissuance of the sanction letter, stating that the letter should not be a purpose for not conducting a “truthful investigation”. “The financial institution, nevertheless, didn’t heed the CBI’s repeated request and requested the company to consult with the letter issued by the financial institution in July 2021 as its sanction to prosecute Chanda Kochhar,” mentioned the individual cited earlier.

A sanction to prosecute by a reliable authority is required beneath the Prevention of Corruption Act. In addition to dishonest and prison conspiracy beneath the Indian Penal Code, Chanda Kochhar has been booked beneath sure sections of the Prevention of Corruption Act.



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