CBI raids Videocon headquarters, Chanda Kochchar’s husband’s firm in loan case

Mumbai: Central Bureau of Investigation (CBI) on Thursday registered an FIR in connection with a case pertaining to alleged transactions between Nupower Renewables Pvt Ltd, controlled by Deepak Kochhar, husband of the former CEO of ICICI Bank Chanda Kochhar, and Venugopal Dhoot-controlled Videocon Group.

As of now, the CBI is conducting raids at Videocon’s offices in Mumbai and Aurangabad and Nupower Renewables and Supreme Energy Pvt Ltd’s office at Nariman point in Mumbai.

Chanda Kochhar quit as CEO and Managing Director of the ICICI Bank in October over the case, which involves a loan of Rs. 3,250 crore to the Videocon Group in 2012. The case exploded last year when a whistleblower alleged that Kochhar’s husband Deepak Kochhar and her family members benefited from the dealings.

Venugopal Dhoot allegedly invested crores of rupees in NuPower Renewables, a company founded by Kochhar’s husband, months after the Videocon group was granted loan by the bank.

After initially backing Kochhar, ICICI Bank announced that its board had decided to set up a “comprehensive enquiry” to investigate the charges. As more allegations surfaced, a multi-agency probe was launched.