The Enforcement Directorate (ED) on Wednesday questioned the Chairman of Videocon Industries Venugopal Dhoot in connection with the Rs 1,875 crore ICICI Bank-Videocon loan case, sources said.
Dhoot reached the ED headquarters in the morning and was removed before the investigation.
In March 2019, The Directorate of Powers questioned Dhoot along with Mahesh Pungalia, director of NuPower Renewables and Dhoot’s close aide.
In February 2019, the ED also conducted searches at the residence and office of ICICI Bank’s MD and CEO Chanda Kochhar and her husband Deepak Kochhar.
The case relates to irregularities and malpractice in sanctioning loans of Rs 1,875 crore to the Videocon Group between 2009 and 2011 by ICICI Bank.
In February 2019, ED announced that Dhoot, A money laundering case has been registered against Chanda Kochhar and her husband Deepak and others, and an investigation has been launched into allegations of irregularities and corrupt practices in sanctioning loans worth Rs 1,875 crore from the bank to the corporate body. .
The ED’s Effectiveness Information Report (ECIR) filed under the Prevention of Money Laundering Act is based on a First Information Report registered by the Central Bureau of Investigation (CBI) in 2019.
The agency is “investigating whether the resulting bribes in the loan agreement were laundered to create tainted assets.”
Dhoot allegedly invested in Supreme Energy through his company Supreme Energy after Chanda Kochhar took over as the bank’s CEO on May 1, 2009. and Supreme Energy changed hands through a complex web of exchanges between Deepak Kochhar and Dhoot.
During its preliminary inquiry, the CBI sanctioned six loans worth Rs 1,875 crore to the Videocon Group and its associated companies between June 2009 and October 2011 for allegedly violating the policies laid down by ICICI Bank. .
Loans were declared non-performing assets in 2012, resulting in a loss of Rs 1,730 crore to the bank, the agency said.
(This story has not been edited by NDTV staff and is automatically generated from an aggregated feed.)
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