Thursday, April 22, 2021
Home News Reports CBI registers FIR, raids Videocon headquarters in money siphoning case involving ex ICICI Bank...

CBI registers FIR, raids Videocon headquarters in money siphoning case involving ex ICICI Bank head Chanda Kochhar’s husband

The issue first came to light when it was reported that In December 2008, Venugopal Dhoot of Videocon Ltd set up a joint venture (JV) with Deepak Kochhar, Chanda Kochhar’s husband.

The Central Bureau of Investigation has conducted raids at Videocon headquarters in Mumbai and Aurangabad offices in loan case related to ex ICICI Bank head Chanda Kochhar’s husband, Deepak Kochhar. As per reports, the agency has turned its preliminary enquiry (PE) in which it was probing alleged nexus between Deepak Kochhar and Videocon’s Venugopal Dhoot. The offices of NuPower Renewables Pvt Ltd, a company owned by Deepak Kochhar, are also reportedly being raided.

The CBI is yet to confirm whether Chanda Kochhar has been named in the FIR or not. Last year in October, Kochhar stepped down as ICICI Bank’s Managing Director and Chief Executive Officer.

The issue first came to light when it was reported that In December 2008, Venugopal Dhoot of Videocon Ltd set up a joint venture (JV) with Deepak Kochhar, Chanda Kochhar’s husband. In an investigative report by the Indian Express, it was brought to light that Venugopal Dhoot, after setting up a JV with Deepak Kochhar, issued the company a 64 crore loan through one of his fully owned entities and then proceeded to transfer the ownership of the JV to a trust headed by Deepak Kochhar. The transfer of ownership was done at just Rs 9 lakhs.

The report further revealed that the ownership transfer happened just six months after the Videocon group was issued a 3,250 crore loan from ICICI Bank Ltd. Almost 86% (2,810 crores) of that loan remains unpaid and it was declared an NPA in 2017.

The ICICI Bank in a press release has denied any quid pro quo or conflict of interest in case of the loan Videocon Group and the bank holds faith in its MD and CEO Chanda Kochhar and the alleged irregularities are only an attempt to malign the image of the bank.

In another press statement, the Chairman of the ICICI Bank MK Sharma revealed that Chanda Kochhar was, in fact, part of the panel that approved the 3,250 crore loan to Videocon but there was no conflict of interest involved.

In December 2008, Deepak Kochhar and Venugopal Dhoot had set up NuPower Renewables Pvt Ltd. Dhoot (through family members) held 50% while Deepak and his relatives held 50% of it. In2009, Dhoot resigned as director of NuPower and transferred his shares to Kochhar for 2.5 lakhs. In March 2010, NuPower received a 64 Crores loan from Supreme Energies (owned 99.9% by Dhoot). Supreme Energy then, through a series of transfer of shares became the owner of 94.99% owner NuPower while the rest of the shares remained with Deepak Kochhar. Dhoot then transferred all his holdings in Supreme Energy to his associate MC Punglia who eventually transferred them to Pinnacle Energy, a trust where Kochhar was the Managing Trustee. The cost of the total transaction was just 9 lakhs.

The transactions are now under scanner as it raises several questions of conflict of interest on the part of ICICI Bank and the Videocon conglomerate. The other shareholders in NuPower were Deepak Kochhar’s father and Chanda Kochhar’s brother’s wife.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Related Articles

Trending now

Is Serum Institute really making a huge profit and charging discriminatory price from states for Covid-19 vaccine? Read details

Serum Institute had offered GOI a discount for 1st 100 million doses, it will not be making huge profits from states as alleged

‘Remdesivir is not magic bullet, 85 percent of Covid patients do not need hospitalisation: Top doctors issue advisory

Doctors from AIIMS, Narayana Health and Medanta issued advisory amidst rising number of coronavirus cases.

TMC, Kashmiri Journalist and propagandists found posting fake images and videos amidst Covid-19 crisis

TMC's campaign handle 'Banglar Gorbo Mamata' was found spreading deliberate lies and fake news during the Covid pandemic.

Moneycontrol deletes report, NDTV brazens out misleading reports on oxygen export after central government calls out malicious propaganda

After central government slammed media for spreading falsehoods about oxygen exports, Moneycontrol takes down its report

India becomes the fastest country in the world to administer over 13 crore COVID-19 vaccine doses: Centre

India becomes the fastest country to administer 13 crore COVID-19 doses.

Nashik: Oxygen leaks from tanker, 22 patients dead as ventilators were stopped

The incident occurred at Dr Zakir Hussain Hospital in Nashik.

Recently Popular

No masks, abuses and ruckus: How a Shiv Sena corporator abuses power to threaten doctors on duty

The doctors of Bhagwati Hospital have threatened to resign after being humiliated by the Shiv Sena corporator.

AAP supported farmer protests hampering war against Covid-19, oxygen supplier writes to GOI saying tankers delayed due to roadblocks by protestors

Inox Air Products said that they are facing delays in Delhi while transporting oxygen due to road blockades by the farmer protestors

Journalism: The new performance art

With the COVID-19 pandemic, journalists have screamed "Beware of the Ides of March" to anyone who would listen - Barkha Dutt for example.

IIT Kanpur Professor predicts COVID-19 to peak in May, dismisses claims of Kumbh and poll rallies being responsible for spread

The IIT Kanpur professor said that since the election rallies and the Kumbh are held in open spaces, there are few chances of it spreading the COVID virus

Understanding the hate factory: How Rohan Joshi and his hateful post against Hindus gives us an insight into the ‘liberal’ mind

Comedian Rohan Joshi tells Bhakts, "I have nothing but contempt for them and nit a shred of empathy" as he mocks Coronavirus deaths
- Advertisement -

 

Connect with us

254,070FansLike
531,231FollowersFollow
24,200SubscribersSubscribe