The Bombay High Court on Friday granted interim bail to Videocon Group founder Venugopal Dhoot in an alleged loan fraud case involving the ICICI Bank, reported Live Law.
The Central Bureau of Investigation had arrested Dhoot on December 26, three days after the agency took former ICICI Bank Chief Executive Officer Chanda Kochhar and her husband Deepak Kochhar into custody in the case. The High Court had granted bail to the Kochhars on January 9.
The central agency had booked Dhoot and the Kocchars under the Prevention of Corruption Act in 2019. It had alleged that the ICICI Bank, under the leadership of Chanda Kochhar, sanctioned a Rs 3,250-crore loan to companies owned by the Videocon Group that are in direct violation of the Banking Regulation Act, the Reserve Bank of India rules and the credit policies of the private sector bank.
Dhoot, in his bail plea, sought quashing of a special Central Bureau of Investigation court’s remand orders, reported Live Law. He alleged that his arrest was illegal.
Advocate Sandeep Ladda, appearing for Dhoot, told the Bombay High Court that the Central Bureau of Investigation had arrested him for changing his statements and not cooperating with the investigation. Ladda also said that the Enforcement Directorate, investigating the money laundering aspect of the case, did…