(L-R) Videocon Group CEO Venugopal Dhoot, former ICICI Bank MD and CEO Chanda Kochhar and NuPower Renewables founder-CEO Deepak Kochhar
The Central Bureau of Investigation today registered a First Information Report (FIR) against the Venugopal Dhoot-led Videocon Group and NuPower Renewables, which was founded by Deepak Kochhar. The CBI also carried out raids at several locations including the Mumbai offices of Videocon and NuPower.
The FIR and the raids are in connection with the ICICI-Videocon loan case, an alleged case of quid-pro-quo. A shareholder had alleged that Deepak Kochhar's wife Chanda Kochhar got ICICI Bank to grant a loan of Rs 3,250 crore to Venugopal Dhoot's Videocon Group. Chanda Kochhar was the MD and CEO of the ICICI Bank when this loan was granted.
The shareholder alleged that in return for the loan, Venugopal Dhoot invested Rs 64 crore in Chanda Kochhar's husband's NuPower Renewables.
In October last year, Chanda Kochhar stepped down as the chief executive officer and managing director of the ICICI Bank due to the allegations against her.
The CBI was already probing the ICICI-Videocon loan case. Last year, the agency had registered a PE, or preliminary enquiry, in the case. That PE has now been turned into an FIR, which means that a full-blown criminal investigation is underway.
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