New Delhi: Three accused -Chanda Kochhar, Deepak Kochhar and Venugopal Dhoot- in the ICICI bank-Videocon loan fraud case have been sent to 14-day judicial custody.
The three accused -Chanda Kochhar, Deepak Kochhar and Venugopal Dhoot were arrested in connection with the case.
The case is related to alleged irregularities and corrupt practices in the sanction of a Rs 1,875 crore loan disbursed by ICICI Bank to the Videocon Group between 2009 and 2011.
The CBI has alleged that ICICI Bank had sanctioned credit facilities to the tune of Rs 3,250 crore to companies of the Videocon Group promoted by Dhoot in violation of the Banking Regulation Act, RBI guidelines, and credit policy of the bank.
According to the CBI, a sanctioning committee headed by Chanda Kochhar in 2009 approved a term loan of Rs 300 crore to VIEL in contravention of the rules and policies of the bank by abusing her official position as a public servant.
The day after the loan was disbursed, Dhoot transferred Rs 64 crore to NRL from VIEL through SEPL.
The agency claimed the loans were declared non-performing assets in 2012, causing a loss of Rs 1,730 crore to the bank.
