Guwahati: A three-day Central Bureau of Investigation (CBI) custody order has been issued for Videocon Group Chairman Venugopal Dhoot, former ICICI Bank managing director and CEO Chanda Kochhar, and Deepak Kochhar, in relation to the ICICI Bank money laundering case.
Chanda Kochhar and her husband Deepak Kochhar were placed under a three-day house arrest on Saturday. Venugopal Dhoot was arrested by the CBI earlier on Monday in connection with the ICICI loan scam.
Deepak Kochhar’s advocate Vikram Chaudhary said, “In the remand, it is said that Deepak Kochhar was not cooperating in the investigation but nothing is explained about how and why.”
His advocate further said the Enforcement Directorate (ED) has already conducted an inquiry. According to him, the inquiry lasted for six months, but Deepak Kochhar was detained by the CBI after being granted bail.
Chaudhary further alleged that Deepak Kochhar was arrested in an inhumane manner and the agency needs to explain his arrest. He continued by saying that the claims alone could not support the arrest.
The issue concerns alleged inconsistencies and unethical behaviour in the approval of a loan of Rs 1,875 crores that the ICICI Bank disbursed to the Videocon Group between 2009 and 2011.
The CBI found during its initial investigation that between June 2009 and October 2011, six loans totaling Rs 1,875 crores were approved for the Videocon Group and businesses affiliated with it, allegedly in violation of ICICI Bank’s established norms.
According to the agency, the bank suffered a loss of Rs 1,730 crores in 2012 when the loans were classified as non-performing assets.
The Kochhars and Mr. Dhoot were named as defendants by the CBI in the FIR filed in 2019 under the provisions of the Prevention of Corruption Act and sections of the IPC related to criminal conspiracy, as well as Supreme Energy, Videocon International Electronics Ltd., and Videocon Industries Limited.