Dec 27, 2022
By: Rounak JainVenugopal Dhoot is the chairman of Videocon. Born in 1951, Dhoot became an electrical engineering graduate. Under his leadership, Videocon expanded its presence outside India with manufacturing plants in Mexico, China, Italy and Poland. It also ventured into the oil and gas sector with investments in oil blocks in Brazil, Indonesia, Australia and East Timor.
Credit: BCCL
Under Dhoot’s leadership, Videocon went from making colour televisions to home appliances like washing machines, air conditioners, refrigerators and more.
Credit: BCCL
At its peak, Videocon also launched mobile phones, telecom and satellite TV services. He also tried to buy the now-defunct Pune team in the Indian Premier League in 2010.
Credit: Videocon
Venugopal Dhoot was ranked the 61st richest person in India by Forbes in 2015, with an estimated wealth of $1.19 billion.
Credit: BCCL
The Videocon group’s financial woes began in the 2010s due to increased international competition in the consumer durables sector, which was the bread and butter of the company.
Credit: BCCL
The CBI has accused Dhoot of giving kickbacks to Chanda Kochhar and her family as a “quid pro quo” for loans sanctioned by ICICI Bank to the Videocon group between 2010-12 - when the bank was headed by Chanda Kochhar. Most of the amount loaned turned into non-performing assets.
Credit: BCCL
According to the CBI, Dhoot allegedly invested ₹64 crore in Deepak Kochhar’s NuPower Renewables, a few months after ICICI Bank sanctioned a loan of ₹3,250 crore to the Videocon group. A ₹5 crore flat of the Videocon group was also allegedly transferred to Deepak Kochhar’s family trust in 2016 for just ₹11 lakh, according to a report by the Economic Times.
Credit: BCCL
According to the CBI, Venugopal Dhoot, Deepak and Chanda Kochhar cheated ICICI Bank to the tune of ₹1,730 crore. All the three accused have been arrested by the agency.
Credit: BCCL
The central agency has Dhoot in its custody till December 28, when he will be produced before a special CBI court along with the Kochhars for further custody.
Credit: BCCL