Videocon mortgage case: CBI arrests ex-ICICI Bank CEO Chanda Kochhar, husband Deepak Kochhar

By PTI

NEW DELHI: The CBI on Friday arrested former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar in reference to alleged dishonest and irregularities in loans sanctioned by the financial institution to Videocon Group corporations, officers stated.

They stated the Kochhars have been referred to as to the company headquarters and arrested after a short questioning session. The CBI has alleged that they have been evasive of their responses and didn’t cooperate within the investigation.

The Kochhars shall be produced earlier than a particular CBI courtroom on Saturday.

They are prone to be saved in separate lockups on the bottom flooring of the 11-storeyed company headquarters after their medical examination.

Sources stated that company is prone to transfer at a swift tempo to file the primary cost sheet within the case through which the Kochhars could possibly be named together with Venugopal Dhoot of Videocon Group.

The CBI had named the Kochhars and Dhoot, together with corporations Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Limited, as accused within the FIR registered beneath IPC sections associated to legal conspiracy and provisions of the Prevention of Corruption Act in 2019, they stated.

The CBI had alleged that ICICI financial institution had sanctioned credit score services to the tune of Rs 3,250 crore to the businesses of Videocon Group promoted by Dhoot in violation of the Banking Regulation Act, RBI pointers, and credit score coverage of the financial institution.

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

It is alleged that throughout the tenure of Chanda Kochhar at ICICI Bank, six loans price Rs 1,875 crore have been cleared for the Videocon Group and its related corporations throughout 2009-11.

In two circumstances, 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 Limited on October 31, 2011 — the FIR has alleged.

The loans have been issued in alleged violation of the laid-down insurance policies and laws of the financial institution, it alleged. Most of those loans turned non-performing belongings, inflicting a lack of Rs 1,730 crore to the financial institution, it alleged.

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

The switch of Rs 64 crore was produced from Videocon Industries Ltd by means of 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.

On May 1, 2009, Chanda Kochhar took over the cost of ICICI Bank as Managing Director and CEO.

NEW DELHI: The CBI on Friday arrested former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar in reference to alleged dishonest and irregularities in loans sanctioned by the financial institution to Videocon Group corporations, officers stated.

They stated the Kochhars have been referred to as to the company headquarters and arrested after a short questioning session. The CBI has alleged that they have been evasive of their responses and didn’t cooperate within the investigation.

The Kochhars shall be produced earlier than a particular CBI courtroom on Saturday.

They are prone to be saved in separate lockups on the bottom flooring of the 11-storeyed company headquarters after their medical examination.

Sources stated that company is prone to transfer at a swift tempo to file the primary cost sheet within the case through which the Kochhars could possibly be named together with Venugopal Dhoot of Videocon Group.

The CBI had named the Kochhars and Dhoot, together with corporations Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Limited, as accused within the FIR registered beneath IPC sections associated to legal conspiracy and provisions of the Prevention of Corruption Act in 2019, they stated.

The CBI had alleged that ICICI financial institution had sanctioned credit score services to the tune of Rs 3,250 crore to the businesses of Videocon Group promoted by Dhoot in violation of the Banking Regulation Act, RBI pointers, and credit score coverage of the financial institution.

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

It is alleged that throughout the tenure of Chanda Kochhar at ICICI Bank, six loans price Rs 1,875 crore have been cleared for the Videocon Group and its related corporations throughout 2009-11.

In two circumstances, 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 Limited on October 31, 2011 — the FIR has alleged.

The loans have been issued in alleged violation of the laid-down insurance policies and laws of the financial institution, it alleged. Most of those loans turned non-performing belongings, inflicting a lack of Rs 1,730 crore to the financial institution, it alleged.

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

The switch of Rs 64 crore was produced from Videocon Industries Ltd by means of 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.

On May 1, 2009, Chanda Kochhar took over the cost of ICICI Bank as Managing Director and CEO.