ICICI Loan Fraud Case : CBI Arrests Videocon Group Chairman Venugopal Dhoot

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The Central Bureau of Investigation on Monday arrested Videocon group chairman Venugopal Dhoot in the ICICI loan fraud case, news agency ANi reported.

This comes a day after the investigative agency produced former ICICI MD Chanda Kochhar and her husband Deepak Kochhar in a Mumbai special court, which then remanded them to a three-day custody.

CBI alleged that ICICI Bank sanctioned credit facilities to the tune of Rs 3,250 crore to the companies of Videocon Group promoted by Venugopal Dhoot in violation of the Banking Regulation Act, RBI guidelines and the credit policy of the bank.

CBI alleged that the loan was cleared by a committee of which Ms Kochhar was a member. The agency says she abused her official position and “got illegal gratification/undue benefit through her husband from Dhoot for sanctioning ₹ 300 crore to Videocon.”

It was part of a ₹ 40,000 crore loan which Videocon got from a consortium of 20 banks led by the State Bank of India.

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