Videocon Group founder Venugopal Dhoot leaves the CBI Special Court after appearing in connection with the ICICI Bank loan fraud case, in Mumbai. File
| Photo Credit: PTI
A Mumbai court on Thursday rejected a plea filed by Videocon Group chairman Venugopal Dhoot, challenging his arrest by the Central Bureau of Investigation (CBI) in the Videocon-ICICI Bank loan case.
Mr. Dhoot was arrested on December 26, 2022 by the Central agency and is currently lodged at Taloja Central Jail. He challenged his arrest on the grounds that the CBI mechanically arrested him two days after ICICI Bank’s chief executive officer and managing director Chanda Kochhar, and her husband Deepak, were arrested.
The advocate appearing for Mr. Dhoot argued that he has been cooperating with the CBI, and called his arrest illegal.
Special judge S.H. Gwalani rejected his plea challenging his arrest and also rejected his application seeking home food.
He, along with the Kochhars, was sent to judicial custody on December 29 for 14 days.
The CBI has alleged that the ICICI Bank, under the leadership of Ms. Kochhar, sanctioned credit of ₹3,250 crore to companies owned by the Videocon Group in direct violation of the Banking Regulation Act, the Reserve Bank of India’s guidelines, and the credit policies of banks.
The agency registered a First Information Report (FIR) in January 2019 that charged Ms. Kochhar with cheating and criminal conspiracy, and for causing loss to the ICICI Bank by sanctioning loans to the Videocon Group of Companies during the relevant period in contravention of the rules and policies of ICICI Bank. These loans given to the Videocon Group of Companies have turned into Non-Performing Assets (NPA) and thus resulted in wrongful loss to ICICI Bank, and wrongful gain to the borrowers and accused persons.
