Chanda Kochhar, a former ICICI Bank CEO and MD, and her husband Deepak Kochhar were detained by the CBI on Friday in connection with alleged fraud and irregularities in loans the bank granted to companies affiliated with the Videocon Group, according to officials. After a quick round of interrogation, they claimed the Kochhars were summoned to the agency’s headquarters and placed under custody.
According to the CBI, they provided evasive answers and failed to help with the inquiry. On Saturday, the Kochhars will be brought before a special CBI court. Following their medical check, they will likely be housed in separate lockups on the ground floor of the 11-story agency headquarters. According to sources, the agency is likely to move quickly to file the first charge sheet in the case in which the Kochhars and Venugopal Dhoot of the Videocon Group may both be named.
Video Courtesy: India Today
The Kochhars and Dhoot were named as defendants by the CBI in the FIR filed in 2019 under IPC sections related to criminal conspiracy and provisions of the Prevention of Corruption Act, along with companies managed by Deepak Kochhar, including Nupower Renewables (NRL), Supreme Energy, Videocon International Electronics Ltd., and Videocon Industries Limited. The Banking Regulation Act, RBI instructions, and the bank’s credit policy, according to the CBI, were all broken when ICICI bank approved credit facilities totaling Rs 3,250 crore for the Videocon Group entities that Dhoot marketed.
The FIR further alleges that between 2010 and 2012, Dhoot transferred Supreme Energy Pvt Ltd (SEPL) to Pinnacle Energy Trust, run by Deepak Kochhar, through a convoluted process in exchange for making an investment of Rs 64 crore in Nupower Renewables through SEPL. It is claimed that between 2009 and 2011, six loans totaling Rs 1,875 crore were paid off for the Videocon Group and its affiliated businesses during Chanda Kochhar’s time as CEO of ICICI Bank. She served on the sanctioning committees in two instances.
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.
On May 1, 2009, Chanda Kochhar took over the charge of ICICI Bank as Managing Director and CEO.
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