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Former ICICI Bank CEO-MD Chanda Kochhar, husband Deepak Kochhar sent to CBI custody till Monday

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The CBI arrested former ICICI Bank CEO-MD Chanda Kochhar, husband Deepak Kochhar on Friday in connection with the alleged ICICI Bank-Videocon money laundering case
A special Central Bureau of Investigation (CBI) court on Saturday remanded former CEO-MD of ICICI Bank Chanda Kochhar, husband Deepak Kochhar to CBI custody till December 26, Monday.

The CBI on Friday arrested the couple in the alleged ICICI Bank-Videocon money laundering case.

In the court, the counsel for CBI said that according to the first investigation report filed with them, they have arrested accused number four and five.
"Accused No. 4 was the MD & CEO of ICICI in 2009 and the fifth is her husband," the lawyer said.

He said that after Chanda Kochhar became MD and CEO of the bank, six loans were sanctioned to Videocon and its subsidiaries and Chanda was part of the committees that sanctioned two loans.

"The company has been given a loan amounting to ₹1,800 crore," the CBI counsel said, mentioning that another loan amounting to ₹300 crore was given to a company in which Deepak Kochhar was a part.

"We are filing an application to invoke IPC section 409 also in this case. We had already given a notice to both the accused under section 41 of the CrPC, but since they did not cooperate so we arrested them," he said underscoring that they had sent a notice to the couple to appear before it on December 15 but they said they would appear four days later and did not come on 19th as well.

"They came yesterday (December 23) and were arrested due to non-cooperation. We should be granted three days' custody of both the accused to confront them with the spam evidence and case documents," argued the CBI counsel. "

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

The CBI had alleged that ICICI Bank had sanctioned credit facilities of Rs 3,250 crore to Videocon group companies promoted by Dhoot in violation of the Banking Regulation Act, RBI guidelines and the bank's credit policy.

It was also alleged that as part of the kickback, Dhoot invested Rs 64 crore in Nupower Renewables through Supreme Energy Pvt Ltd (SEPL) and SEPL was promoted through a circuitous route between 2010 by Deepak Kochhar. Transferred to managed Pinnacle Energy Trust. and 2012.

It is alleged that six loans worth Rs 1,875 crore were sanctioned to the Videocon group and its associated companies during 2009-11 during Chanda Kochhar's tenure at ICICI Bank. According to the FIR, in two cases, she was on the sanctioning committees.
Chanda Kochhar was on the sanctioning committee that decided two loans - ₹300 crore to Videocon International Electronics Limited (VIEL) on August 26, 2009 and ₹750 crore to Videocon Industries Limited - on October 31, 2011.

The FIR alleged that the loans were issued in alleged violation of the laid down policies and regulations of the bank.
Most of these loans became non-performing assets, causing a loss of Rs 1,730 crore to the national bank.

On September 8, 2009, a day after ICICI Bank disbursed a ₹300 crore loan to VIEL, Dhoot transferred ₹64 crore to Deepak Kochhar-managed NuPower Renewables.
₹64 crore was transferred from Videocon Industries Limited through SEPL.

The FIR alleged, "NRL (Nupower Renewables) received this first major capital to acquire the first power plant. Chanda Kochhar received illegal gratification, undue benefit through her husband from VIL/VN Dhoot, who in turn VIL Sanctioned a loan of ₹300 crore to

inputs: mint

Read More: Former ICICI Bank CEO-MD Chanda Kochhar, husband Deepak Kochhar sent to CBI custody till Monday