CBI initiates probe into loan to Videocon Group

The CBI has initiated a probe into allegations of quid pro quo into the issuance of Rs 3,250 crore loan to Venugopal Dhoot-led Videocon Group by ICICI following claims that he had business dealings with bank chief Chanda Kochhar's husband.

The agency has already questioned some bank officials, who were part of clearing the loan to Videocon Group and recorded their statement, as it filed a preliminary enquiry (PE) into the case to examine whether there is actually any criminality committed so that it can proceed to file a regular FIR.

The CBI will examine whether the allegations that Dhoot gave money to a firm promoted by Deepak Kochhar, the husband of ICICI Bank MD and CEO Chanda Kochhar, and two relatives six months after Videocon group got Rs 3,250 crore as loan in 2012, is correct.

In the PE, filed last month, the CBI has named Dhoot, Deepak Kochhar and unknown others. The name of Chanda Kochhar is not there in the PE.

While investigations are on, investigators said they are likely to examine Dhoot, Deepak Kochhar and others.

However, a decision on whether to call Chanda Kochhar for questioning will be taken only after a thorough investigation and depending on the evidence emerging from it.

The issuance of the loan had attracted headlines with reports suggesting that there could be quid pro quo that as Dhoot had given money to NuPower Renewables, a company founded by Deepak Kochchar.

It is claimed that Dhoot gave Rs 64 crore in 2010 through a fully-owned firm to NuPower Renewables Pvt Ltd he had set up with Deepak Kochhar and two of his relatives.

It is also claimed that Dhoot transferred proprietorship of the company to a trust owned by Deepak Kochhar six months for Rs nine lakh after he received the loan from ICICI.

The ICICI had come out in support of Chanda Kochhar, saying it has full faith and confidence in her and described the allegations against her as "malicious and unfounded rumours".

The bank also clarified that none of the investors of NuPower Renewables are borrowers of ICICI Bank.