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CBI Register FIR In ICICI-Bank Videocon Loan Case

Mumbai: According to officials recently, the CBI has registered an FIR in connection with alleged irregularities in the Rs 3,250 crore ICICI Bank-Videocon loan case and is conducting searches in the offices of the group headquarter and Aurangabad on Thursday.

According to the media reports, the search operation was started on Thursday morning and the offices of Nupawar, which was run by ICICI Bank’s former CEO Chanda Kochhar’s husband Deepak Kochhar and Supreme Energy, were also covered.

Officials said that Videocon promoter Venugopal Dhoot allegedly invested crores of rupees in Nuphar months after receiving a loan of Rs 3,250 crore as loan from ICICI Bank in 2012.

Later on the preliminary inquiry was registered against Videocon promoter Venugopal Dhoot Deepak Kochhar and unidentified others in March last year, they said.

In 2008 ICICI bank passed a loan of 3250 Crore to Videocon group and 2810 crore was declared NPA in 2017 and remain unpaid . That is 2810 crore has a minimum possibility of returning to ICICI bank. Also, ICICI bank was a part of a consortium of 20 banks that gave a loan to videocon group to the tune of 40000 crores.

One of the five companies of Videocon group, Evans Fraser and Company India Ltd, which was co-opted by ICICI Bank in 2012, had net profits of Rs 75 crore and a net profit of Rs 95 lakh in 2011. Surprisingly, against the collateral of Evans Fraser, 650 crore loans were sanctioned, which was close to nine times of its sale. Naturally, ICICI Bank provided 9 times the loan size of the company.

Now ICICI bank in its defense states that all of this is a mere coincidence and when such huge amount of loan is passed a committee is set up, although Chanda Kochhar was the member she was not the head of the committee.

The agency has now converted it into an FIR which means a full-blown investigation has been started by the agency after registration of a case.

The details of the FIR and names of the accused are awaited, they said.

(With PTI Inputs)

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