Sunday, December 10, 2023

ICICI Bank-Videocon case: CBI seeks three-day custody of Videocon chairman

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On Monday, Videocon chairman Venugopal Dhoot, former ICICI Bank MD and CEO Chanda Kochhar, and her husband Deepak Kochhar appeared in CBI court in connection with the ICICI Bank-Videocon loan fraud case.

The CBI has requested that the Videocon chairman be held in jail for three days and the two be held for three more days.

The CBI attorney stated that they had requested custody in order to confront “all” of them.

The CBI detained Videocon chairman Venugopal Dhoot, a co-accused in the ICICI bank money laundering case, earlier today.

On Saturday, CBI got a three-day remand of the couple in the case. Now, they have sought a remand for three more days. The CBI advocate said that they “We want to confront all of them”.

The CBI arrested the couple on Friday in connection with the alleged ICICI Bank-Videocon money laundering case.

The issue involves alleged errors and unethical activities in the sanctioning of a Rs 1,875 crore loan to the Videocon Group by ICICI Bank between 2009 and 2011.

During its preliminary investigation, the CBI discovered that six loans totaling Rs 1,875 crore were sanctioned to the Videocon Group and firms linked with it between June 2009 and October 2011 in suspected violation of ICICI Bank norms, which are under investigation.

According to the agency, the loans were designated non-performing assets in 2012, resulting in a loss of Rs 1,730 crore for the bank.

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