cbi: ICICI Financial institution bank loan scenario: CBI arrests Venugopal Dhoot


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

A vacation court docket remanded Dhoot in CBI’s custody till December 28. The court docket also prolonged the remand of Chanda Kochhar and her partner Deepak who had been arrested on Friday by a few times. The CBI sought a three-working day custody to confront the accused.

The investigating officer told the courtroom that the 3 were not cooperating and refused to look alongside one another for questioning. “We summoned the a few on December 15, inquiring the 3 to be part of the probe on December 19. However, none appeared, citing several good reasons. Then, on December 22nd, Dhoot appeared and told us that he couldn’t be available on December 23 as he has to be ahead of the Enforcement Directorate. The Kochhars appeared on the 23rd,” reported the officer.


‘Rs 64-Crore Bank loan Under no circumstances Repaid’

The CBI’s counsel A Limousin argued that the company was still left with no alternative but to arrest the accused “owing to non-cooperation”. “Dhoot has not been cooperating with the investigation and has been inconsistent in the statements. He has adjusted his variation on numerous events during the system of investigation. He had not disclosed complete and legitimate facts of the case,” Limosin argued.

In the meantime, the CBI’s probe has revealed that the Rs 64 crore bank loan provided by Dhoot to Deepak Kochhar’s NuPower Renewables Ltd (NRL) was never ever repaid, mentioned individuals mindful of the matter.

“A single of the factors of confrontation between the 3 accused is the loan of Rs 64 crore specified to Kochhar’s corporation by a Videocon team enterprise. The Rs 300 crore mortgage availed by Dhoot from ICICI (Lender) was to consider treatment of his other liabilities. .. it just isn’t prudent to pay out a portion of the mortgage to any individual and never ever expect it to be paid out again,” one particular of the individuals instructed ET on problem of anonymity. “This is almost nothing but a quid pro quo arrangement and a basic scenario of bribery.” In accordance to resources, in September 2009, Videocon Industries Ltd (VIL) paid out Rs 64 crore as advance to Supreme Electricity Personal Ltd (SEPL), a business joined to Dhoot. “In July 2011, it assigned this advance from SEPL to its group organization Indian Refrigerator Business Ltd (IRCL). In August 2011, IRCL in transform assigned it to an additional organization, Genuine Appliances Pvt Ltd (RAPL), which later changed its title to Actual Cleantech Pvt Ltd (RCPL). The existing standing of RCPL is ‘struck off’ in Registrar of Organizations records… even though the sum is however payable by SEPL to VIL team,” stated the man or woman.

SEPL was promoted and incorporated by Dhoot, but by 2012 it was owned by Deepak Kochhar.

“Investigation has revealed that accounting entities ended up established in the guides of SEPL ie creation of provisioning of Rs 32 lakh (for Rs 64 crore transferred by VIL in NRL via SEPL) and its reversal follows the pattern of gatherings in ICICI Lender pertaining to allegation/ inquiry versus Chanda Kochhar,” mentioned the man or woman.

Improper Prosecution Sanction

On Monday, the defense once more raised the challenge of the communique sent by ICICI Bank to the CBI although granting sanction to prosecute Chanda Kochhar.

According to defense law firm Amit Desai, the letter dated July 9, 2021, states that “there was no wrongful loss induced to the financial institution” and that “the loans were being sanctioned next due course of action and the loans beneath investigations are extinguished”. Having said that, according to individuals privy to the CBI’s findings, after getting the communique, the agency wrote to the financial institution on several events. The CBI asked for reissue of the sanction letter, stating that the letter need to not be a explanation for not conducting a “truthful investigation”. “The lender, nonetheless, did not heed the CBI’s recurring ask for and requested the company to refer to the letter issued by the lender in July 2021 as its sanction to prosecute Chanda Kochhar,” reported the human being cited before.

A sanction to prosecute by a capable authority is necessary under the Avoidance of Corruption Act. Besides cheating and felony conspiracy under the Indian Penal Code, Chanda Kochhar has been booked below selected sections of the Avoidance of Corruption Act.

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