'No reference from SFIO on Videocon-ICICI case'

Amid a reported probe by the Serious Fraud Investigation Office (SFIO) regarding a Rs 3,250 loan sanctioned allegedly on quid pro quo basis to Videocon Group by the ICICI Bank, the Secretary of the Ministry of Corporate Affairs on Wednesday claimed that no reference was given by the SFIO to the Ministry regarding the same.

Speaking to reporters here, Corporate Affairs Secretary Injeti Srinivas clarified that the Reserve Bank of India (RBI) is examining the matter closely.

"If the SFIO feels it is necessary to escalate the case (ICICI-Videocon case) to the Ministry of Corporate Affairs, it can very well do so within its ambit. However, there is no such pending reference of the matter before the Ministry. At present, the RBI is looking into the case," he said.

For those unversed, media reports earlier this month highlighted an alleged involvement of Chanda Kochhar and her family members in a loan provided to Videocon group on quid pro quo basis.

Soon after, Indian Investors Protection Council Trustee Arvind Gupta said the evidence in the case pointed out that Chanda Kochhar was herself a beneficiary of the loan, and said her husband Deepak Kochhar is an indirect beneficiary of the loan granted to Videocon.

"Venugopal Dhoot transferred money from Videocon Group to Supreme Energy, in which he had 90 percent shares. He promoted it and later transferred it to Deepak Kochhar. Deepak Kochhar then transferred his shareholdings to Pinnacle Energy. Pinnacle Energy was a trust formed by Kochhar family. Now they are saying they sold their shares of Nupower Renewables much before. NuPower Renewables was special purpose vehicle made to revert allegations in future. ICICI never gave it loan, but company was benefited," Gupta told ANI.

Thereafter, the Central Bureau of Investigation (CBI) questioned few ICICI Bank officials as part of a preliminary enquiry to find if any quid pro quo was involved in the bank's issuance of Rs. 3,250-crore loan to the Videocon Group in 2012.

On Tuesday, the Income Tax (IT) Department sent a notice to NuPower Renewables, owned by the private lender's CEO Chanda Kochhar's husband Deepak.