News

December 04, 2019

ED Questions Videocon CMD Venugopal Dhoot For More Than 5 Hours In Connection With Videocon-ICICI Loan Case


[ By Bobby Anthony ]

Videocon

The Enforcement Directorate (ED) questioned Videocon's CMD Venugopal Dhoot for more than five hours in connection with its money laundering probe in the Rs 1,875-crore Videocon-ICICI loan case, it has been announced.

According to a senior ED official, “Dhoot was asked to appear before the agency. We questioned him under the sections of the Prevention of Money Laundering Act (PMLA)”.

Dhoot was questioned at the financial probe agency's office in South Delhi's Khan Market office.

The case is related to the alleged irregularities and corrupt practices in the sanction of a Rs 1,875 crore loan disbursed by ICICI Bank to the Videocon Group during 2009 and 2011.

The ED received clues about an illegal transaction running into crores of rupees routed to NuPower, a company run by Deepak Kochhar, husband of then ICICI Bank CEO and Managing Director Chanda Kochhar. The financial probe agency had, this May, questioned the Kochhars on many occasions in Mumbai. It had also questioned Dhoot earlier in connection with the case in June and in March.

In March, the ED had conducted searches at the residence and office premises of the Kochhars and questioned them along with Dhoot, who had allegedly invested in NuPower through his firm Supreme Energy as quid pro quo for loans cleared by the ICICI Bank under Chanda Kochhar.

Of the Rs 40,000-crore loan to the Videocon group, Rs 3,250 crore was given by ICICI Bank. A large portion of the loan by ICICI was unpaid at the end of 2017 and the bank proceeded to declare the Rs 2,810 crore of it as non-performing assets (NPA).

The ED started the probe after registering a criminal case under the PMLA in February against the Kochhars, Dhoot and others, following the FIR by the Central Bureau of Investigation.

Related Post

latest News

  • First scam-hit company of Nirav Modi ordered to be liquidated

    Virtually spelling doom for various Indian public sector banks, the National Company Law Tribunal (NCLT), Mumbai has ordered the liquidation of abscon...

    Read More
  • PhonePe files suit on BharatPe claiming trademark infringement over usage of ‘Pe’ as a suffix

    PhonePe - an Indian e-commerce payment system and digital wallet company has filed a suit on BharatPe over the use of the ‘Pe’ (read as ‘Pay’)...

    Read More
  • Justice Kaul Writes To CJI Expressing Reservations Against Bypassing Senior Judges While Appointing Judges To The SC

    Senior Supreme Court judge Justice Sanjay Kishan Kaul has reiterated his reservations against Chief Justice of India Ranjan Gogoi bypassing other seni...

    Read More
shares