Videocon group MD Venugopal too booked for cheating, graft
The CBI has booked former ICICI bank CEO Chanda Kochhar, her husband Deepak Kochhar and Videocon group MD Venugopal Dhoot for alleged cheating and corruption in sanctioning loans to the company, which caused a loss of Rs 1,730 crore to the bank, officials said on Thursday.
The CBI conducted searches at three locations in Mumbai and one in Aurangabad, including at the head office of Videocon Group, Nupower Renewables — the company run by Deepak Kochhar and Supreme Energy — once promoted by Dhoot.
The four private firms named in the FIR are Videocon International Electronics Ltd, Videocon Industries Ltd, Nupower Renewables Ltd and Supreme Energy Pvt Ltd, besides unknown private and public servants.
The FIR registered on Tuesday slapped charges under IPC sections relating to criminal conspiracy and cheating and relevant provisions of the Prevention of Corruption Act.
Some top names in the banking industry like present CEO of ICICI bank Sandeep Bakshi, Sonjoy Chatterjee, Zarin Daruwala, Rajiv Sabharwal, KV Kamath and Homi Khusrokhan have come under the CBI scanner as they were part of the ICICI bank committees clearing some of the six loans worth Rs 1,875 crore to the Videocon group and associated companies. These loans subsequently turned NPA, the FIR stated.
“The role of these senior officers of the sanctioning committee may also be investigated,” the FIR said.
The agency had registered a Preliminary Enquiry on December 8, 2017 on the allegations that Rs 3,250 crore worth of loans were sanctioned by the bank to companies associated with the Videocon group in violation of the RBI guidelines.
It was also alleged that Rs 64 crore were invested by Dhoot through one of the companies, Supreme Energy, founded by him, which was alleged as quid pro quo in the complaint that triggered the registration of the PE by the CBI.
During the course of the PE, the CBI found alleged irregularities in sanctioning six loans worth Rs 1,875 crore to Videocon Industries Limited, Videocon International Electronics Ltd and four other companies associated with the Videocon group between June, 2009 and October, 2011, according to the FIR.
Chanda Kochhar was on the sanctioning committee deciding two loans - Rs 300 crore to Videocon International Electronics on August 26, 2009 and Rs 750 crore to Videocon Industries Limited on October 31, 2011.
Both these loans were sanctioned and disbursed in the alleged violation of the RBI guidelines.
Most of these loans caused a loss of Rs 1,730 crore to the ICICI bank and consequent wrongful gains to the borrowers and accused persons.
The term loan of Rs 300 crore sanctioned to Videocon International Electronics Ltd was disbursed on September 7, 2009. Next day, Dhoot transferred Rs 64 crore to Nupower Renewables Ltd, through Supreme Energy founded by him.
The amount was transferred through a “circuitous route” using company Supreme Energy Limited founded by Dhoot, alleges the FIR.
“This was the first major capital received by NRL to acquire first power plant. Thus Chanda Kochhar got illegal gratification through her husband from VIL/V N Dhoot for sanctioning a loan of Rs 300 crore to VIEL,” it alleged.
In addition to the loans to VIL and VIEL, four other loans were issued to Millenium Appliances (Rs 175 crore), Sky Appliances (Rs 240 crore), Techno Electronics (Rs 100 crore)and Applicomp India (Rs 300 crore) to repay the unsecured loan availed by these companies from VIL, added the FIR.