Last Updated: January 09, 2023, 21:09 IST
Videocon CEO Venugopal Dhoot was arrested by CBI from Mumbai practically three days after former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar have been taken into custody. (Reuters/File)
In his plea, Dhoot termed his arrest by CBI as “arbitrary, illegal, done without following due procedure of law”
Videocon Group founder Venugopal Dhoot, arrested by CBI within the ICICI-Videocon financial institution mortgage fraud case, on Monday moved the Bombay High Court searching for to quash the FIR, to declare his arrest as “arbitrary and unlawful” and to be released on bail.
Dhoot’s plea was mentioned by his advocate Sandeep Ladda in the afternoon before a division bench of Justices Revati Mohite Dere and P K Chavan, which said it would hear it on Tuesday.
The same bench, in the morning, granted interim bail to Dhoot’s co-accused in the case namely former MD and CEO of ICICI Bank, Chanda Kochhar, and her husband Deepak Kochhar.
The HC, in its judgment, came down heavily on the Central Bureau of Investigation for making the arrest in a “casual and mechanical” method and with out the applying of thoughts.
Dhoot in his plea has hunted for the CBI FIR to be quashed and for the probe to be stayed, in addition to his launch on bail. He was arrested on December 26, 2022, and is presently in judicial custody.
In his plea, Dhoot termed his arrest by CBI as “arbitrary, unlawful, executed with out following due process of legislation and in gross violation of part 41 (A) of the Code of Criminal Procedure, which mandates for a discover to be issued to accused to hitch the probe and to make an arrest provided that completely essential”.
As per the CBI, private sector lender ICICI Bank had sanctioned credit facilities to the tune of Rs 3,250 crore to the companies of Videocon Group promoted by Dhoot in violation of the Banking Regulation Act, Reserve Bank of India’s guidelines, and credit policy of the bank.
The central probe agency had named the Kochhars, Dhoot, Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics and Videocon Industries as accused in the FIR registered in 2019 under Indian Penal Code sections related to criminal conspiracy and provisions of the Prevention of Corruption Act.
As per the CBI, as part of quid pro quo, Dhoot made an investment of Rs 64 crore in Nupower Renewables through Supreme Energy Pvt Ltd (SEPL), and transferred SEPL to Pinnacle Energy Trust managed by Deepak Kochhar through a circuitous route between 2010 and 2012.
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