CBI has arrested former ICICI Bank CEO and managing director Chanda Kochhar and her husband Deepak Kochhar in connection with the Videocon loan case.
Reetu | Dec 24, 2022 | Views 31455
Videocon Loan Fraud Case: CBI Arrested Ex-ICICI Bank CEO-MD Chanda Kochhar and Her Husband
The Central Bureau of Investigation (CBI) has arrested former ICICI Bank CEO and managing director Chanda Kochhar and her husband Deepak Kochhar in connection with the Videocon loan case.
The CBI arrested the couple on Friday in connection ICICI Bank-Videocon money laundering case. and they are remanded in the custody till 26th December. Chanda Kochhar resigned as CEO of ICICI Bank in 2018.
According to the First Investigation Report, the CBI lawyer in court stated that they have arrested accused numbers four and five.
CBI discovered in its initial investigation that six loans totaling Rs 1,875 crore were sanctioned to the Videocon Group and companies associated with it between June 2009 and October 2011 in alleged violation of ICICI Bank policies.
Videocon promoter Venugopal Dhoot is accused of investing crores of rupees in Nupower months after the Videocon Group received a Rs 3,250 crore loan from ICICI Bank in 2012.
According to the bank, the loans were declared non-performing assets in 2012, resulting in a loss of Rs 1,730 crore.
The Enforcement Directorate (ED) had slapped money laundering charges against the Kochhars and their business entities for “illegal sanctioning of loans amounting to Rs 1,875 crore to the Videocon Group of companies”, in January 2019. The Kochhars have previously been interrogated by the investigation agency.
The accused allegedly sanctioned certain loans to private companies as part of a criminal conspiracy with others to defraud ICICI Bank, according to a statement issued by the CBI following the filing of the FIR in 2019.
Deepak Kochhar was arrested by the ED in September 2020 under sections of the Prevention of Money Laundering Act (PMLA).
He was released in March 2021 on a Rs 3 lakh personal bond. Kochhar was ordered by the court to surrender his passport and report to the ED once a month.
In its 2019 report, the Central Bureau of Investigation stated that Videocon was given credit facilities (loans) after Chanda Kochhar took over as MD-CEO of ICICI Bank on May 1, 2009. She was a member of one of the sanctioning committees that approved a Rs 300 crore loan to Videocon International Electronics Ltd (VIEL) and a Rs 750 crore loan to Videocon Industries Ltd. (VIL).
The CBI also stated that Chanda Kochhar received “illegal gratification” from Dhoot through her husband in exchange for the loan being approved. Between June 2009 and October 2011, ICICI Bank approved six large loans to various Videocon companies.
It was also claimed that Dhoot gave crores of rupees to a company promoted by Deepak Kochhar and two relatives six months after Videocon Group received a Rs 3,250 crore loan from ICICI Bank in 2012. The sum was part of a Rs 40,000-crore loan obtained by Videocon Group from a consortium of 20 banks led by SBI.
Dhoot allegedly gave Rs 64 crore to NRPL in 2010 through a fully owned entity he established with Deepak Kochhar and two of his relatives.
Six months after receiving the loan from ICICI Bank, he allegedly transferred ownership of the company to a trust owned by Deepak Kochhar for Rs 9 lakh.
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