The complainant said income tax returns were filed for his company by a chartered accountant but it came under the scrutiny of income tax authorities. His firm received a notice from Babukuttan, directing him to produce relevant documents. He was subsequently told Babukuttan was demanding Rs 1.3 lakh as bribe to complete the assessment.
The CBI alleged that ICICI Bank sanctioned credit facilities to the tune of Rs 3,250 crore to the companies of Videocon Group in violation of the Banking Regulation Act, RBI guidelines and the credit policy of the bank.