MUMBAI - India’s federal investigating agency has arrested Videocon Group chairman Venugopal Dhoot in connection with a loan fraud case involving ICICI Bank, a source from the Central Bureau of Investigation (CBI) told Reuters on Monday.

The CBI did not immediately respond to request for comment.

In early 2019, the CBI filed a case of criminal conspiracy and fraud against Dhoot, former ICICI Bank chief executive Chanda Kochhar and her husband Deepak Kochhar.

The agency alleged that ICICI Bank, under Chanda Kochhar, sanctioned ‘high value’ loans to Videocon, violating the bank’s lending policies, in exchange for an investment by the consumer electronics company’s owner in a business headed by Kochhar’s husband.

The CBI arrested Chanda and Deepak Kochhar on Friday. REUTERS