The Central Bureau of Investigation (CBI) on Saturday got three-day custody of former MD & CEO of ICICI bank Chanda Kochhar and her husband Deepak Kochhar arrested in the alleged ICICI bank -Videocon loan fraud case. They were produced before a Mumbai Special court for remand proceedings.
The Kochhars, who will remain in the CBI custody till Monday, December 26, were called to the agency headquarters on Friday and arrested after a brief questioning session. The investigation agency alleged that Deepak and Chanda Kochhar were evasive in their responses and did not cooperate in the investigation.
The CBI has alleged that Chanda Kochhar, during her tenure at the bank, had hatched a criminal conspiracy and released six loans worth Rs 1,875 crore to Videocon Group and its associated companies during 2009-11 and had pressurised other banks to pass their loans. In two cases, she was on the sanctioning committees.
Chanda Kochhar was on the sanctioning committee deciding two loans — Rs 300 crore to Videocon International Electronics Limited (VIEL) on August 26, 2009, and Rs 750 crore to Videocon Industries on October 31, 2011t, according to the FIR. Most of these loans became non-performing assets, causing a loss of Rs 1,730 crore to the bank, it alleged.
After the disbursal of the Rs 300-crore loan by ICICI Bank, Dhoot invested Rs 64 crore in Nupower Renewables, managed by Deepak Kochhar, on September 8, 2009. The transfer was made from Videocon Industries Ltd through SEPL.
“This was the first major capital received by NRL (Nupower Renewables) to acquire the first power plant. Chanda Kochhar got illegal gratification, undue benefit through her husband from VIL/VN Dhoot for sanctioning Rs 300 crore loan to VIEL,” the FIR alleged.
The CBI filed a case of fraud with the Mumbai branch in January 2019 after receiving a complaint. The probe agency has also moved an application to invoke IPC 409 against Chanda Kochhar.
According to a CBI official, the arrests were made based on the January 2019 filed against Chanda Kochhar, her husband and Venugopal Dhoot of Videocon Group. Nupower Renewables, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Limited were also made as an accused in the FIR.
As per the allegations made by the CBI, private lender ICICI Bank had sanctioned credit facilities to the tune of Rs 3,250 crore to the companies of Videocon Group Dhoot in violation of the Banking Regulation Act, RBI guidelines, and credit policy of the bank.
Former ICICI Bank CEO Chanda left the bank in October 2018, over nine years after taking charge on May 1, 2009, over allegations of irregularities in loans provided to the Videocon Group.
