Mumbai, Jan 24 (GCCurrentAffairs) The CBI on Thursday conducted raids at the Videocon headquarters in Mumbai and other cities in Maharashtra and filed a case against former ICICI bank chief Chanda Kochhar’s husband Deepak Kocchar and Videocon head Venugopal Dhoot, in connection with a case linked to the alleged conflict of interest in the sanctioning of loan.
The raids are being conducted at Videocon offices in Mumbai and Aurangabad, as well as at the Nupower Renewables and Supreme Energy Pvt Ltd offices at Nariman Point.
An FIR was registered in connection to a case regarding alleged transactions between Nupower, controlled by Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar, and Videocon Group, controlled by Venugopal Dhoot.
The agency had registered a preliminary enquiry against Videocon promoter Venugopal Dhoot, Deepak Kochhar and unidentified others in March last year, they said.
After registering a case, an investigation has been started by the agency.
Chanda Kochhar quit as CEO and managing director of the ICICI Bank in October, after allegations surfaced that her husband Deepak Kochhar and her family members benefited from a loan of Rs 3,250 crore to the Videocon Group in 2012.
Videocon’s Venugopal Dhoot had an investment in NuPower Renewables, a company founded by Ms Kochhar’s husband.
Deepak Kochhar-led NuPower Renewables Private Ltd is in the eye of the storm due to the ‘quid pro quo’ allegations in the ICICI Bank’s Rs 3,250-crore plus Rs 660 crore loans to Venugopal Dhoot-owned Videocon Industries in 2012.
It has been alleged that during the time these two loans were given to Videocon, Deepak Kochhar’s NuPower received an identical 10 per cent foreign funding (Rs 325 crore and Rs 66 crore) from two Mauritius-based firms, First Land Holding Limited and DH Renewables Holding Limited.
In April last year, the IT-dept sought financial details about Kochhar’s role as the Managing Director of NuPower Renewables, an independent power producer in the renewable energy sector. The department had also sought the share valuation report for investment in NuPower, balance sheets, and profit details from Kochhar, who founded NuPower, along with Videocon Chairman Venugopal Dhoot, way back in 2008.