PMLA case | Videocon Group promoter Venugopal Dhoot granted bail

A Special Court on Friday granted bail to Videocon Group promoter Venugopal Dhoot on a cash bond of ₹5 lakh in the ICICI-Videocon money laundering case.

On January 30, the court had summoned all the accused including former ICICI Bank CEO Chanda Kochhar, her husband Deepak Kochhar and Mr. Dhoot to be present in court.

However, advocate Sandeep Laddha representing Mr. Dhoot, 70, informed the court that summons were not served to him but he has appeared suo moto in the case.

The bail application appealed to the court to consider his age and deteriorating health. It said, “From June 6, 2018, Mr. Dhoot was no longer the chairman or managing director of Videocon Industries Limited/Videocon Group and the entire control of company, documents and record are in custody of Resolution Professionals appointed under the provisions of Insolvency and Bankruptcy Code, 2016 after the orders from National Company Law Tribunal.”

Mr. Laddha argued that Mr. Dhoot and the Videocon Group were victims of the circumstances and no criminality could be attributed to them. He added that several other accused were granted bail. He relied upon the order passed by the same judge granting bail to Ms. Kochhar on February 12.

The Enforcement Directorate has relied upon a FIR registered by the Central Bureau of Investigation (CBI) in 2019. The case pertains to causing loss to ICICI Bank by sanctioning loans to Videocon Group in contravention of the rules and policies of ICICI Bank during the relevant period. These loans have turned non-performing assets and thus resulted in wrongful loss to ICICI Bank and wrongful gain to the borrowers and accused persons, the FIR said.