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Home ยป ICICI loan fraud case: Bombay HC grants interim bail to Venugopal Dhoot

ICICI loan fraud case: Bombay HC grants interim bail to Venugopal Dhoot

ICICI loan fraud case:The Bombay High Court has granted interim bail to Videocon Group founder Venugopal Dhoot in the ICICI Bank loan fraud case. Dhoot filed a petition in the Bombay High Court, calling his arrest illegal.

In his petition, Dhoot sought to quash the remand orders of the Special CBI Court dated December 26, 28 and 29, 2022 under Articles 226 and 227 of the Constitution. CBI arrested Dhoot on 26 December 2022 in the ICICI Bank loan fraud case.

What was the case?

When Chanda Kochhar took charge of ICICI Bank, she sanctioned some loans to various companies Videocon keeping the rules in check. The CBI had also said that out of the loan of Rs 3,250 crore given in 2012, Rs 2,810 crore was not repaid. The accounts of Videocon and its group companies were declared NPA in June 2017, due to which ICICI Bank suffered huge losses.

In 2016, Arvind Gupta, an investor in Videocon Group and ICICI Bank, raised concerns about loan irregularities. Gupta wrote about this to the RBI and even the Prime Minister, but his complaint went unnoticed at that time. In March 2018, another whistle-blower complained.

CBI registers Chanda Kochhar, Deepak Kochhar and Venugopal Dhoot of Videocon Group as well as Nupower Renewables, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Ltd under IPC sections related to criminal conspiracy, cheating and corruption in loan fraud case The accused was made in the FIR.

But at present, the Bombay High Court has granted interim bail to fraudster Venugopal Dhoot. Significantly, on January 9, a bench of Justice Revati Mohite Dere and Justice Prithviraj Chavan also granted interim bail to ex-ICICI Bank MD and fraudster Chanda Kochhar and her husband Deepak Kochhar.

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