cbi,Deepak Kochhar,ICICI Bank,Videocon loan

CBI begins probe against Deepak Kochhar in Videocon-ICICI loan case

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In a major development, the Central Bureau of Investigation (CBI) already registered a preliminary enquiry (PE) against Deepak Kochhar, husband of ICICI Bank CEO Chanda Kochhar, in connection with Videocon loan row, CBI sources said.

Deepak Kochhar, Chanda Kochhar and Videocon Group promoter Venugopal Dhoot are stuck in a controversy, according to which ICICI bank reportedly granted loan worth Rs 3,250 crore to Videocon. The bank has declared a part of the loan amount, Rs 2,810 crore, as unpaid amount as NPA in 2017.

Deepak Kochhar’s role in the case dates back to December 2008. That was the time he established a joint venture with Dhoot, NuPower Renewables Pvt Ltd (NRPL) with 50-50 shares owned by both and their associates.

Since 2009, there was a exchange of shares between Dhoot and Deepak Kochher with regards to Deepak’s NRPL.

Soon questions were raised on the question of conflict of interest with reference to Chanda Kochhar.

After coming to know of these reports, the Reserve Bank of India imposed a penalty of Rs. 58.9 crore on ICICI.