A special court in Mumbai on Saturday sent former CEO of ICICI bank Chanda Kochhar and her husband Deepak Kochhar to three-day custody of the Central Bureau of Investigation (CBI) in the alleged ICICI Bank-Videocon loan fraud case.
The CBI on Friday arrested them in a money laundering case involving a loan from the ICICI bank and the Videocon Group. The group had taken a loan of Rs 3,250 crore from the bank in 2012.
Venugopal Dhoot of the Videocon Group, along with companies Nupower Renewables, Supreme Energy, Videocon International Electronics Ltd, and Videocon Industries Limited was also arrested, a PTI report said.
ICICI Bank had allegedly sanctioned loans worth Rs 1,875 crore to the Videocon Group and the companies associated with it between 2009 and 2011. Apart from Videocon, loans were sanctioned to companies Nupower Renewables, Supreme Energy, Videocon, and International Electronics Ltd. Most of these loans were in complete violation of banking regulations and also did not adhere to ICICI Bank policies.
Back then, Chanda Kochhar was the CEO and Managing Director of the ICICI Bank at the time, and was also a part of sanctioning committee.
Within months of sanctioning of the loans, Venugopal Dhoot’s Supreme Energy had granted a loan of Rs 64 crore to NuPower Renewables, in which Deepak Kochhar had 50% stake.
Investigators allege the Rs 64 crore loan to Kochhar’s firm was part of a quid pro quo deal. Most of the loans sanctioned by ICICI Bank to Videocon turned NPA in June 2017.
In 2019 CBI registered an FIR. Later ED arrested Deeoak Kochar and he was out on bail. Dhoot, Chanda Kochhar and her husband have been named as accused in the FIR registered under IPC sections related to criminal conspiracy and provisions of the Prevention of Corruption Act.
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