Kochhars, Videocon MD sent to judicial custody in loan fraud case

NEW DELHI: A special CBI court on Thursday extended the judicial custody of former MD of ICICI Bank Chanda Kochhar, her husband

Deepak Kochhar

and Videocon CEO Venugopal Dhoot in the

loan fraud case

.
The probe agency had arrested the Kochhars on December 23 after questioning them briefly. Dhoot was arrested on December 26.
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 case, Chanda Kochhar received Rs 64 crore kickback in Deepak’s company, Nupower Renewables Pvt Ltd, from the Videocon group in lieu of the loans. It is alleged that Rs 300 crore loan was disbursed to one of the companies of the Videocon group and within 48 hours of the disbursement, Rs 64 crore was transferred to Nupower Renewables through layers of transactions.