ICICI Bank Case: SC Seeks Videocon Group Founder Venugopal Dhoot’s Response to CBI’s Petition

GG News Bureau

New Delhi, 6th July. The Supreme Court on Wednesday directed Videocon Group founder Venugopal Dhoot to file a response to a CBI plea contesting the Bombay High Court ruling giving him interim bail in the alleged loan fraud case involving ICICI Bank.

A bench of justices AS Bopanna and Justice MM Sundresh issued notice to Dhoot.

“Issue notice to the respondent,” the court said.

On January 20, the Bombay High Court granted interim bail to Videocon Group founder Venugopal Dhoot in the ICICI Bank loan fraud case. The court said that the petitioner needs to be enlarged on bail, pending the hearing and final disposal of the petition.

Dhoot was detained by the CBI on December 26, 2022, and was granted interim release by the Bombay High Court on January 20, 2023.

The CBI alleges that Deepak Kochhar, husband of former ICICI Bank CEO-MD Chanda Kochhar, was assisted by a co-accused in getting ownership of Nupower Renewables Ltd (NRL) and receiving ill-gotten money.

In March 2018, the CBI launched a preliminary investigation (PE) against Deepak Kochhar and Dhoot to look into alleged irregularities in a Rs 40,000 crore loan provided to the Videocon Group by a consortium of lenders.

The agency has filed charges against Chanda, her husband, and Venugopal Dhoot, as well as their businesses, NuPower Renewables, Supreme Energy, Videocon International Electronics Ltd, and Videocon Industries Limited.

During its preliminary investigation, the CBI found that six loans totaling 1,875 crore were sanctioned to the Videocon Group and firms linked with it between June 2009 and October 2011 in alleged violation of ICICI Bank regulations, which are under investigation.

According to the agency, the loans were declared non-performing assets in 2012, resulting in a loss of Rs. 1,730 crore for the bank.