Four years after India's federal investigation agency filed a case of criminal conspiracy and fraud against Dhoot, he was arrested this week.
Kochhar and her husband were arrested for an alleged fraud where it is claimed that Kochhar gave high-value loans to Dhoot's company in exchange for investment in her husband's renewable energy business.
Kochhar, an icon in the banking industry, was seen as a poster woman.
Kochhar and her husband said the investment from Dhoot's company was legitimate.
The first arrests in the case since the alleged offenses were recorded in January have marked a turning point in the case.
Dhoot, who has been denying the allegations, has offered to give evidence.
The shareholder who blew the whistle on the alleged scam said that this could open a Pandora's box.
The scope of the investigation needs to be widened since Kochhar was not the only one who approved the loan.
He said that coordination between all of India's investigative agencies was needed to get to the bottom of the case.
During the 1990s and the early years of the new millennium, Venugopal Dhoot was a constant presence at industry events.
His views were sought after by business journalists because of his accessibility and willingness to give a quick quote.
Dhoot was instrumental in Videocon's transformation into a consumer goods firm by the 1990s, thanks to his family's licence to distribute Bajaj scooters.
The company was among the first to introduce colour television sets in India and gradually expanded into manufacturing other consumer appliances such as washing machines, air conditioners and refrigerators, earning Dhoot the nickname "king" of India's white goods market.
Dhoot was from a small town and didn't speak English very well, but that didn't stop him from building good relationships with politicians and other business people.
The benefits of high import duties on global firms made it difficult for those brands to compete with Videocon.
An aggressive branding and distribution strategy was one of the reasons why it was able to survive in the market for so long.
They invested in a pan- India network of distribution and service stores. They were number one in the market until the year 2008.
It was the combination of intense competition from South Korean brands and Videocon's unnecessary diversification into "fantasies" such as oil and gas and telecom that led to Dhoot's downfall.
Videocon Telecommunications was one of the companies that saw their licences canceled due to the 2G scam.
After winning the licence in some states, it wound down operations.
Dhoot wanted to become an oil and gas giant. He had an insurance business.
Videocon was one of the firms that posed a concentration risk to Indian banks according to the House of Debt report.
The aggregate debt of these 10 groups was more than the total amount of bank loans and net worth.
A review of the situation three years later by Credit Suisse found that despite attempts by groups like Videocon and GMR to reduce debt through asset sales, their financial stress had intensified further.
Videocon was the subject of insolvency proceedings by India's court. In less than a year, Dhoot was being investigated by the federal government for the loan he took from the bank.
Kochhar seems to have put the crisis behind him as a probe begins into the alleged wrongdoings.
It will be difficult for Dhoot to get back to the pole position he once held.
He is no different from a number of other Indian industrialists who diversified through borrowings through the 2000s.
A lot of people who lost their business or are a pale shadow of themselves were hit by diffused focus and macro- economic headwinds.
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