Videocon loan case: CBI gets three-day custody of ICICI Bank's ex-CEO and MD Chanda Kochhar, her husband

Chanda Kochhar arrest, ICICI Bank, Venugopal Dhoot, Videocon loan case: The Central Bureau of Investigation (CBI) received three-day custody of ICICI Bank's former CEO and MD Chanda Kochhar and her husband Deepak Kochhar on Saturday in connection with the alleged cheating and irregularities in loans sanctioned by the bank to Videocon Group companies. CBI had saught the accused couple's remand to interrogate them in connection with the case.

A team of CBI officers is escorting the couple on a flight to Mumbai this morning, the officers said.

The Kochhars were called to CBI headquarters on Friday and arrested after a brief questioning session.

Also Read: CBI arrests former ICICI Bank CEO-MD Chanda Kochhar, husband Deepak Kochhar in Videocon loan case

The agency has alleged that they were evasive in their responses and didn't cooperate in the investigation.

The agency is likely to move briskly and file the first chargesheet in the case, in which the Kochhars could be named along with Videocon Group's Venugopal Dhoot.

The CBI had named the Kochhars and Dhoot, along with companies Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Limited, as accused in the FIR registered under IPC sections related to criminal conspiracy and Prevention of Corruption Act provisions in 2019, they said.

CBI gets three-day custody of former MD & CEO of ICICI bank Chanda Kochhar & Deepak Kochhar arrested in the alleged ICICI bank -Videocon loan fraud case https://t.co/ux9CYm7dhv

— ANI (@ANI) December 24, 2022

The central investigation agency had alleged that ICICI Bank had sanctioned credit facilities worth Rs 3,250 crore approximately to the companies of Videocon Group promoted by Dhoot in violation of the Banking Regulation Act, RBI guidelines, and ICICI Bank's credit policy.

It was also alleged that as a part of the quid pro quo, Dhoot made an investment of Rs 64 crore in Nupower Renewables through Supreme Energy Pvt Ltd( SEPL) and transferred SEPL to Pinnacle Energy Trust managed by Deepak Kochhar through a circuitous route between 2010 and 2012.

It has been alleged that during the term of Chanda Kochhar at ICICI Bank, six loans worth Rs 1,875 crore were cleared for the Videocon Group and its associated companies between the years 2009 and 2011. As per the FIR, Chanda Kochhar was on the sanctioning panels in two cases.

Allegedly, the two loans where Chanda Kochhar was on the sanctioning committee were — 
a) Rs 300 crore to Videocon International Electronics Limited (VIEL) on August 26, 2009; and,
b) Rs 750 crore to Videocon Industries Limited on October 31, 2011.

Furthermore, the FIR alleged that these loans were issued in violation of laid-down policies and regulations of ICICI Bank. And added that most of these loans became non-performing assets (NPA) and caused lossed to the tune of Rs 1,730 crore to ICICI Bank.

A day after the Rs 300-crore loan was sanctioned and disbursed by ICICI Bank to VIEL, Dhoot transferred Rs 64 crore to Nupower Renewables, managed by Deepak Kochhar, on September 8, 2009, it further alleged.

#Videocon लोन फ्रॉड मामले में #CBI ने चंदा कोचर और उनके पति दीपक कोचर को किया गिरफ्तार

प्रमोद शर्मा से जानिए पूरी खबर #ChandaKochhar | #DeepakKochhar | @pramodsharma29

#ZeeBusiness LIVE https://t.co/9wjvc8Svk1 pic.twitter.com/RNpNoEmWg0

— Zee Business (@ZeeBusiness) December 24, 2022

The transfer of Rs 64 crore was made from Videocon Industries Ltd through SEPL.

CBI's FIR alleged: "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.

Chanda Kochhar had taken over the charge of ICICI Bank as Managing Director and CEO on May 1, 2009.

(With Agecny Inputs)