CBI Conducting Raids at Videocon Offices in Mumbai & Aurangabad

The CBI registered an FIR in connection to a case regarding alleged transactions between Nupower, controlled by Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar, and Videocon Group, controlled by Venugopal Dhoot
Image Credit: Business Standard
Image Credit: Business Standard

The CBI is conducting raids at the Videocon offices in Mumbai and Aurangabad as well as at the Nupower Renewables and Supreme Energy Pvt Ltd offices at Nariman point. The CBI registered an FIR in association to a case concerning supposed dealings between Nupower, controlled by Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar, and Videocon Group, controlled by Venugopal Dhoot.

The search process started Thursday morning and also enclosed offices of Nupower, a company operated by ICICI Bank's former CEO Chanda Kochhar's husband Deepak Kochhar and Supreme Power, they said. The agency had registered a beginning inquiry against Videocon promoter Venugopal Dhoot, Deepak Kochhar and anonymous others in March last year, they said. APE is a forerunner before the agency lodges an FIR to probe criminal charges on the basis of confirmation composed during the former exercise. The agency has now rehabilitated it into an FIR which means a full-blown examination has been started by the agency after registration of a case.

Deepak Kochhar-led NuPower Renewables Private Ltd is in the eye of the storm due to the 'quid pro quo' allegation in the ICICI Bank's Rs 3,250-crore plus Rs 660 crore loans to Venugopal Dhoot-owned Videocon Industries in 2012. It has been supposed that during the time these two loans were given to Videocon, Deepak Kochhar's NuPower received an identical 10 percent overseas funding (Rs 325 crore and Rs 66 crore) from two Mauritius-based firms, First Land Holding Limited, and DH Renewables Holding Limited.

In April last year, the IT-dept required financial details about Kochhar's role as the Managing Director of NuPower Renewables and sovereign power producer in the renewable energy sector. The department had also sought the share valuation report for investment in NuPower, balance sheets, and profit details from Kochhar, who founded NuPower along with Videocon Chairman Venugopal Dhoot way back in 2008.

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