ICICI Bank loan to Videocon under CBI lens

Bank chief not named in initial enquiry

The CBI has initiated a probe into the allegations of a quid pro quo in the issuance of Rs 3,250 crore loan to the Videocon Group by ICICI Bank.

The agency will examine the allegations that Videocon chairman Venugopal Dhoot gave money to a firm promoted by Deepak Kochhar, husband of ICICI Bank CEO and MD Chanda Kochhar, and two of his relatives.

The money was transferred six months after the Videocon Group got the Rs 3,250 crore loan in 2012.

In 2010, it is claimed that Dhoot gave Rs 64 crore through a fully-owned firm to NuPower Renewables Pvt Ltd, a company he set up with Deepak and his relatives.

It is also claimed that Dhoot transferred proprietorship of NuPower Renewables to a trust owned by Deepak for Rs 9 lakh months after receiving the loan.

The agency has questioned some bank officials who were involved in clearing the loan and recorded their statement.

Based on this, the agency has initiated a preliminary enquiry (PE) to ascertain whether any criminality is involved, which would necessitate a regular FIR.

In the PE filed last month, the CBI has named Dhoot, Deepak and unknown others. Chanda's name is not mentioned in the PE.

While the probe is on, investigators said they are likely to examine Dhoot, Deepak and others.

However, a decision on whether to call Chanda for questioning will be taken only after a thorough investigation and will depend on the evidence that emerges.

The issuance of the loan had attracted headlines with reports suggesting there could be quid pro quo.

The ICICI has come out in support of Chanda, 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.