Central Bureau of Investigation (CBI), arrested Videocon Chairman Venugopal Dhoot in connection with the ICICI Bank fraud case Two days after arresting, Former ICICI Bank MD and CEO Chanda Kochhar and her husband and businessman Deepak Kochhar

Venugopal Dhoot is accused of investing in Deepak Kochhar’s Nupower Renewables, as kickbacks for loans that his company Videocon Group received from ICICI Bank, which was then helmed by Chanda Kochhar.

Books of Venugopal Dhoot’s firms indicate that Rs 64 crore loan to Deepak Kochhar’s firm was kickbacks for Rs 3,250 crore loan from ICICI Bank. Between 2009 and 2011, six loans amounting to Rs 1,875 crore were sanctioned by Chanda Kochhar-led ICICI Bank.

However, the loans that were disbursed turned into NPAs and were marked as bank fraud.

Chanda Kochhar – recipient of the Padma Bhushan award – abused her position and received illegal gratification to Dhoot through her husband for sanctioning loans to Videocon.

Meanwhile, Dhoot’s Videocon was posting continuous losses for consecutive fiscal years. The losses were due to a decline in income.