The Central Bureau of Investigation (CBI) on Thursday registered a case against former ICICI Bank CEO Chanda Kochhar, her husband Deepak Kochhar, MD of Videocon Group Venugopal Dhoot and others for allegedly cheating ICICI Bank to the tune of Rs 1730 crore.
The FIR has been filed under Section 120-B read with 420 IPC read with Section 7, Section 13(2) read with 13(1)(d) of Prevention of Corruption Act, 1988.
It was alleged that the accused sanctioned certain loans to private companies in a criminal conspiracy with other accused to cheat ICICI Bank.
"That during June-2009 to October-2011, ICICI Bank had sanctioned 6 high value loans to various Videocon Group companies. On 26.08.2009, RTL of Rs.300 Crs was sanctioned to M/s. Videocon International Electronics Ltd. (VIEL) in contravention of the rules and policy by the sanctioning committee. Ms. Chanda Kochhar was one of the members of the sanctioning committee, who in criminal conspiracy to cheat ICICI Bank and in pursuance of criminal conspiracy on 26.08.2009, dishonestly by abusing her official position sanctioned this loan in favour of M/s. VIEL," the FIR said.
CBI had registered a preliminary enquiry against Deepak Kochhar and Videocon Group chairman Venugopal Dhoot. It was investigating irregularities in the Rs 40,000 crore loan granted by a consortium of lenders.
Chanda Kochhar has been accused of misusing her position in the company after she allegedly provided a Rs 3,250 crore loan to the Videocon Group on quid pro quo basis in 2012.
In September last year, Chanda Kochhar had told the Securities and Exchange Board of India (SEBI) that she was unaware of the business dealings between her husband, Deepak Kochhar, the promoter of NuPower Renewables, and Videocon group promoter Dhoot.
Responding to a SEBI show-cause notice, Chanda Kochhar, had denied the charges levelled against her by the markets watchdog.
Whistleblower Arvind Gupta spoke to Firstpost about the alleged loan scam. You can listen to it here.
In June 2018, a preliminary examination by the regulator favoured adjudication proceedings against ICICI Bank and its CEO for alleged violation of listing disclosure norms regarding 'conflict of interest' in business dealings of her husband with the Videocon group.
With agency inputs
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Updated Date: Jan 24, 2019 17:37:17 IST