Videocon Loan Scam Cheat ICICI this is how Conspiracy Executed???
Venugopal Dhoot and Chanda Kochhar conspired to cheat ICICI, this is how the conspiracy was executed
Videocon founders Venugopal Dhoot and deepak Kochhar formed a company called NuPower in 2008, in which both were equal partners.
Following the cbi probe into the Videocon loan scam, it was revealed that families who claimed not to know each other had perpetrated this high profile swindle. The cbi arrested former CEO of the bank Chanda Kochhar and her husband deepak Kochhar in the Rs 3,520 crore ICICI Bank-Videocon loan scam. Whereas, Videocon founder Venugopal Dhoot was initially claiming that he did not know Kochhar. When the cbi started the investigation, it came to know that both of them defrauded the bank in a conspiracy for each other's benefit.
The game began in 2008, when Chanda Kochhar had not become the CEO of icici bank, but was hatched keeping in mind her high status and was executed in 2012 when she became the CEO. In fact, Dhoot and deepak Kochhar formed a company named NuPower in 2008, in which both were equal partners. Dhoot's company supreme Energy invested Rs 64 crore in NuPower in 2010. After this, Dhoot invested in NuPower several times. Six months after the loan was released to Videocon in 2012, the ownership of NuPower was handed over to deepak Kochhar.
Initially, Kochhar and Dhoot had 75,000 shares each in NuPower. After the loan was released, Kochhar invested Rs 1.89 crore, in return for which she got 18.9 lakh shares. With this, he had a total of 19.72 lakh shares while Dhoot was left with only 75,000 shares. In this way, 96 per cent shares of NuPower went to Kochhar. The cbi had said in the chargesheet that Chanda Kochhar gave the loan to Videocon in violation of the credit policies of ICICI Bank. For this he misused his dominant position.
Videocon Group had made 28 proposals to icici bank, out of which around eight were approved. Between 2009 and 2011, icici bank gave a loan of Rs 1,875 crore to the Videocon group and its associated companies.