After filing a preliminary enquiry (PE) last year into the Videocon loan case, the Central Bureau of Investigation has filed a case against former MD & CEO of ICICI Bank Chanda Kochhar, Deepak Kochhar and MD of Videocon Group Venugopal Dhoot, as well as four companies. They have been booked for criminal conspiracy and cheating.
According to CBI, the accused allegedly sanctioned certain loans to private companies in a criminal conspiracy with other accused to cheat ICICI Bank. The CBI has conducted searches at three places in Mumbai and one place in Aurangabad. The searches were carried out at the offices of Videocon and NuPower Renewables Pvt Ltd.
The preliminary enquiry was initiated after shareholder Arvind Gupta had alleged that Kochhar influenced a Rs 3,250-crore loan to the Videocon group, run by Venugopal Dhoot, in 2012 in return for a deal concerning NuPower Renewables and Supreme Energy, a clean-energy firm run by her husband Deepak Kochhar. It is alleged that Dhoot has given Rs 64 crore in 2010 to a firm promoted by Deepak Kochhar and two of his relatives. In October, Chanda Kochhar had to step down as MD-CEO of ICIC Bank due to the controversy. She was succeeded by Sandeep Bakhshi.
In April 2018, two I-T notices had been sent, to NuPower Renewables and Deepak Kochhar. In the same month, Deepak Kochhar's brother Rajiv Kochhar was detained by immigration authorities at Mumbai airport before he was to take a flight abroad and was handed over to the CBI. Lookout notices were also issued against Chanda and Deepak Kochhar at all airports in the country.