ICICI Bank-Videocon loan case: CBI quizzes NuPower CFO
New Delhi: The Central Bureau of Investigation (CBI) on Wednesday questioned Sunil Bhuta, chief financial officer of NuPower, as part of a preliminary enquiry against the company controlled by the husband of ICICI Bank managing director and chief executive Chanda Kochhar and Videocon group chairman Venugopal Dhoot.
The investigative agency stated that Bhuta was being questioned in Delhi.
The move comes two weeks after CBI questioned Chanda Kochhar’s brother-in-law Rajiv Kochhar, founder of financial services firm Avista Advisory Group.
A preliminary enquiry registered by the CBI early in March against her husband Deepak Kochhar, and Dhoot sought to verify an alleged conflict of interest in a Rs3,250 crore loan made by ICICI Bank to Videocon group.
ICICI Bank’s contribution was part of a Rs40,000 crore loan by a consortium of 20 banks in 2012.
Dhoot allegedly gave Rs64 crore in 2010 through a fully owned entity to NuPower Renewables Pvt. Ltd, a firm that he had set up with Deepak Kochhar and two of his relatives.
It was alleged that Dhoot transferred proprietorship of the company to a trust owned by Deepak Kochhar for Rs9 lakh, six months after receiving the loan from ICICI Bank—an allegation that he denied to Mint, stating that “Videocon did not possess shares of NuPower when ICICI sanctioned the loan.”