You are here: Home » Economy & Policy » News
Business Standard

I-T department questions Venugopal Dhoot in ICICI-Videocon loan case

The case pertains to a possible and alleged tax evasion angle in the ICICI bank issuing a Rs 32.5 billion loan to the Videocon Group in 2012

Icici Videocon Loan Case  |  I-t Department  |  Videocon

Press Trust of India  |  Mumbai/New Delhi 

Videocon Group Chairman Venugopal Dhoot
Videocon Group Chairman Venugopal Dhoot

The Income Tax Department (ITD) on Tuesday questioned group promoter Venugopal Dhoot in connection with its tax evasion probe linked to the Videocon-loan case, officials said.

They said Dhoot appeared before the designated probe officer at the IT department office in Mumbai after he was issued summons to join the investigation.

He was questioned for about four hours, they said.

The case pertains to a possible and alleged tax evasion angle in the issuing a Rs 32.5 billion loan to the Group in 2012.

The department had earlier questioned Deepak Kochhar, husband of MD and CEO Chanda Kochhar, in the case.

Last week, it had also conducted searches at multiple locations linked to Nishant Kanodia, son-in-law of Essar group co-founder Ravi Ruia, in this case to probe the flow of funds through his Mauritius-based company into the firm of Deepak Kochhar.

The ITD is investigating the flow of about Rs 3.25 billion from two Mauritius-based firms -- First Land Holding Limited and DH Renewables Holding Limited -- to Kochhar's company NuPower Renewables Private Ltd.

The taxman is also analysing the nature of activities of NuPower Renewables between 2010-11 and 2015-16 as part of the probe.

The CBI is conducting a preliminary enquiry in this loan case and has named Deepak Kochhar in it.

The CBI probe aims to find out if there was any quid pro quo involved in the bank issuing a Rs 32.5 billion loan to the Group in 2012.

The deal had made after reports questioned the loan and linked it to a possible quid pro quo that Videocon group promoter Venugopal Dhoot allegedly had with NuPower Renewables, a company founded by Deepak Kochchar.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, May 16 2018. 00:59 IST