Nation allocated Dh200 billion to investments in clean energy projects locally until 2030
business4 days ago
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:
Nation allocated Dh200 billion to investments in clean energy projects locally until 2030
business4 days ago
In the past, several ‘post box’ entities operated out of Mauritius only to secure the tax benefit in India
business4 days ago
77% wouldn’t engage with a brand using AI, for at least some services
business4 days ago
National Tourism Strategy 2031 aims to increase the contribution of the UAE tourism sector to the national GDP to Dh450 billion
business5 days ago
Customer deposits and Islamic customer deposits increased by 2.5% to reach Dh39.5 billion
business5 days ago
Annual rents in Dubai are usually paid in two, four or six instalments via post-dated cheques
business6 days ago
Saudi Arabia has begun to explore extracting lithium from sea water
business6 days ago
RPM reported net profit of Dh49.39 million during 2023
business6 days ago