Total income reached to Dh5.607 billion compared to Dh4.431 billion, a solid expansion of 26.5 per cent YoY
On Monday, the Central Bureau of Investigation (CBI) arrested Videocon chairman Venugopal Dhoot, co-accused in the ICICI bank money laundering case.
Dhoot has been arrested from Mumbai, and was also questioned by the CBI a few days back.
On December 23, CBI had arrested Chanda Kochhar and Deepak Kochhar. The couple is scheduled to remain in CBI custody till today (December 26).
CBI has alleged that Deepak Kochhar, husband of former ICICI Bank CEO-MD Chanda Kochhar, was helped by a co-accused to acquire ownership of Nupower Renewables Ltd (NRL), and in receiving ill-gotten money.
The investigative agency had registered a preliminary enquiry (PE) against Deepak Kochhar and Dhoot in March 2018 to probe alleged irregularities in the Rs400 billion loan made by a consortium of lenders to the Videocon Group.
The agency had registered a case against Chanda, her husband and Venugopal Dhoot, along with their companies NuPower Renewables, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Limited.
During its preliminary enquiry, the CBI found that six loans worth Rs18.75 billion were sanctioned to the Videocon Group, and companies associated with it between June 2009 and October 2011 allegedly violated the policies of ICICI Bank, which is part of the probe.
The agency has said that the loans were declared non-performing assets in 2012, causing a loss of Rs17.3 billion to the bank.
ALSO READ:
Total income reached to Dh5.607 billion compared to Dh4.431 billion, a solid expansion of 26.5 per cent YoY
Sheikh Abdullah bin Salem bin Sultan Al Qasimi, Deputy Ruler of Sharjah, presented the awards to the winners in various categories
Move aims to deepen multi-sectoral cooperation
Brands in the UAE and the region have been advised to create the right awareness schemes that they’re deemed neutral
This continuous rise in investment is attributed to an emerging trend of financialisation of savings
The UAE registered trademarks totalling 4,610 in Q1
One of the driving forces behind the growth is the adventurous spirit of millennials and Gen Z
Figure reflects the emirate’s growing appeal as a preferred investment hub for innovative technology companies