Loan Fraud Case| Supreme Court Issues Notice To Videocon Group Founder Venugopal Dhoot On CBI's Plea Challenging Interim Bail
The Supreme Court today issued notice to Venugopal Nandlal Dhoot, founder of the Videocon Group on Central Bureau of Investigation's (CBI) plea challenging the Bombay High Court's order through which he was granted an interim bail earlier this year. Dhoot was arrested by the central investigative agency on December 26, 2022.
A bench of Justice A.S. Bopanna and Justice M.M. Sundresh after hearing the matter, while issuing notice, sought his response on the same.
Additional Solicitor General S.V. Raju at the outset contended that the bail was granted without perusing the case diary. The Bombay High Court had granted bail to Dhoot in January, this year.
Dhoot had approached the High Court soon after the same bench had on January 9, 2023 granted bail to co-accused - Chanda Kochhar, former Managing Director and Chief Executive Officer of the ICICI bank, and her husband Deepak Kochhar.
Dhoot had argued that his arrest was unwarranted as he had co-operated in the probe. The Central Bureau of Investigation (CBI), however, opposed the same saying that the Videocon Group founder had attempted to avoid the probe and hence the arrest was legal.
The CBI has alleged that private sector lender ICICI Bank had sanctioned credit facilities to the tune of Rs 3,250 crore to the companies of Videocon Group promoted by Dhoot in violation of the Banking Regulation Act, Reserve Bank of India's guidelines, and credit policy of the bank.
The CBI had named Chanda Kochhar, Deepak Kochhar as well as Dhoot along with Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Ltd as accused in the FIR registered in 2019 under Indian Penal Code sections related to criminal conspiracy and provisions of the Prevention of Corruption Act.
The central agency has alleged that the ICICI Bank sanctioned credit facilities to the tune of Rs 3,250 crore to these companies in violation of norms. It further alleged that as a part of quid pro quo, Dhoot made an investment of Rs 64 crore in Nupower Renewables through Supreme Energy Pvt Ltd (SEPL), and transferred SEPL to Pinnacle Energy Trust managed by Deepak Kochhar through a circuitous route between 2010 and 2012.
Cause Title: Central Bureau of Investigation v. Venugopal Nandlal Dhoot