04 April 2018

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ICICI Videocon Scam SFIO waits for BJP Govt permission to investigate

ICICI Videocon Scam SFIO waits for BJP Govt permission to investigate

the Videocon group had borrowed Rs 40,000 crore in 2012 from a consortium of 20 banks led by the State Bank of India.

ICICI bank gave loan of Rs. 3250 Crore to Videocon group in year 2012. As per media reports corruption may have happened in this deal

In year 2016 Arvind Gupta wrote a letter to BJP government and PM Narendra Modi , In last 2 years what happened I do not know. Government took action or sat on letter its matter of investigation why no action was taken , when BJP government says that I will not eat and will not allow others to eat.

Videocon group donates money to BJP also, As per media reports Videocon group paid Rs. 11 crore to BJP as a donation.

The Serious Fraud Investigation Office (SFIO) is awaiting the Ministry of Corporate Affairs’ (MCA) nod to probe ICICI Bank’s Rs 3250 crore loan to the Videocon group in 2012

Of the Rs 3250 crore, which the Videocon group borrowed from ICICI Bank, Rs 2810 crore is still unpaid. The Videocon account was declared a non-performing asset (NPA) in 2017.

SFIO investigates large frauds where amount is large. And Videocon ICICI deal is very large loan deal involves national and international companies also.

The CBI and the investigation wing of the Income Tax department had commenced “suo motu” inquiries into transactions and money flows in the ICICI Bank-Videocon case.

Media reported that in December 2008, Videocon CEO Venugopal Dhoot allegedly gave Rs 64 crore as loan to NuPower Renewables – initially a joint venture between the Venugopal Dhoot family and the Deepak Kochchar family 6  months after the Videocon Group got the loan from ICICI Bank.

Dhoot family eventually exited NuPower, selling its stake for a paltry sum to Deepak Kochchar.

Deepak Kochchar is the husband of ICICI Bank Managing Director and CEO Chanda Kochhar.

No one is guilty or criminal unless and until declared by Court of law.

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Wednesday, April 4, 2018

Tags – Black Money NPA Videocon ICICI Loan Investigation