SC seeks Videocon group founder Venugopal Dhoot’s response on CBI plea

The Supreme Court on Wednesday asked Videocon Group founder Venugopal Dhoot to file a response to the Central Bureau of Investigation (CBI) appeal challenging the Bombay High Court’s order to grant him temporary bail in the alleged loan fraud case involving ICICI Bank.

The bench of justices AS Bopanna and Justice MM Sundresh has issued a notice to Dhoot.

“Issue a notice to the defendant,” the court said.

On January 20, Bombay HC granted temporary bail to Videocon group founder Venugopal Dhoot in the alleged loan fraud case related to ICICI Bank. The court said the petitioner needs a bail extension, pending the hearing and final disposition of the petition.

Dhoot was arrested by the Central Bureau of Investigation (CBI) on 26 December 2022, and was granted provisional bail by the Bombay High Court on 20 January.

CBI alleged that Deepak Kochhar, husband of former CEO of ICICI Bank Chanda Kochhar, was assisted by one of the accused in acquiring ownership of Nupower Renewables Ltd (NRL) and receiving illicit money.

CBI registered a Preliminary Investigation (PE) against Deepak Kochhar and Dhoot in March 2018 to investigate alleged irregularities in a Rs 40,000 crore loan made by a consortium of lenders to Videocon Group.

The agency has registered a case against Chanda, her husband and Venugopal Dhoot, along with their companies such as NuPower Renewables, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Limited.

During the initial investigation, the CBI found that six loans worth Rs 1,875 crore were sanctioned to Videocon Group and its associated companies between June 2009 and October 2011 in alleged violation of ICICI Bank’s laid down policies, which are part of the investigation.

The agency said the loans were declared as non-performing assets in 2012, causing the bank to lose Rs 1,730 crore.