Kochhars chargesheeted for Rs 3,250 cr loan fraud

New Delhi, April 8

The CBI has filed a chargesheet against former MD and CEO of ICICI Bank Chanda Kochhar, her husband Deepak Kochhar and Videocon Group founder Venugopal Dhoot in a Rs 3,250 crore loan fraud case.

‘Norms violated’ in loans to Videocon

In 2009, ICICI Bank gave Rs 300 cr loan to a Videocon firm with Chanda Kochhar as head of panel | Videocon Group ‘transferred’ Rs 64 cr to a company managed by Deepak Kochhar

The chargesheet has been filed under Sections 120-B (criminal conspiracy) and 409 (criminal breach of trust) of the IPC and provisions of the Prevention of Corruption Act among others in a special Mumbai court, officials said. The probe agency has named nine entities, including companies and individuals. It has moved to file its final report before the court without the mandatory requirement of sanction to prosecute Chanda Kochhar from ICICI Bank, the officials said, adding that a letter had been sent to the bank seeking the sanction and its response was awaited. Generally, the special court waits for the sanction before proceeding with the chargesheet and initiating the trial, if warranted. In case the sanction is denied, the provisions of the Prevention of Corruption Act will not apply, the officials added.

The agency had arrested the Kochhars and Dhoot in December last year. Opposing the CBI’s plea for remand, senior advocate Amit Desai, appearing for the Kochhars, had brought to the court’s notice a letter ICICI Bank wrote to the CBI in July 2021, stating it incurred no wrongful loss in any of the transactions under question. The Bombay High Court had granted the couple bail on January 9.

The CBI’s FIR names the Kochhars and Dhoot along with Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Ltd as accused.

The agency alleged ICICI Bank sanctioned credit facilities to the tune of Rs 3,250 crore to the companies of the Videocon Group promoted by Dhoot in violation of rules.