The CBI asserts that ICICI Bank's credit policy and RBI regulations were broken when credit facilities worth about Rs 3,250 crore were granted to Videocon group entities.
Digital Desk: The Bombay High Court on Monday (January 9) granted bail to former ICICI Bank MD and CEO Chanda Kochhar and her husband Deepak Kochhar in the Videocon loan fraud case.
It should be mentioned that Chanda Kochhar and Deepak Kochhar were held in judicial custody after being detained by the CBI for their alleged participation in a multi-million dollar loan fraud case involving Videocon. The Bombay High Court bench stated that the arrest was illegal while awarding the pair bail.
On December 24, Chanda Kochhar and her husband Deepak Kochhar were detained in connection with a loan fraud case involving more than Rs 3,000 crore. Upon being summoned to the CBI headquarters, Chanda and Deepak Kochhar were detained and then arrested. According to the accusations, they provided evasive responses and refused to assist the investigators.
What is Chanda Kochhar accused of doing?
The CBI has named Venugopal Dhoot, a promoter for the Videocon Group, Chanda Kochhar, and her husband as defendants in a case involving corruption and criminal conspiracy. In the loan fraud case, the following businesses are named as defendants in the FIR: Nupower Renewables (NRL), Supreme Energy, Videocon International Electronics Ltd., and Videocon Industries Limited.
The CBI asserts that ICICI Bank's credit policy and RBI regulations were broken when credit facilities worth about Rs 3,250 crore were granted to Videocon group entities.
According to the CBI, Dhoot made a quid pro quo investment of Rs 64 crore in Deepak Kochhar's Nupower Renewables. Dhoot allegedly made this investment through the firm Supreme Energy Pvt Ltd (SEPL), which he then moved to the Pinnacle Energy Trust, which is run by Deepak Kochhar. The moves took place over a convoluted period from 2010 to 2012.
According to the CBI, between 2009 and 2011, during Kochhar's leadership, ICICI Bank made six loans totaling Rs 1,875 to Videocon Group and its affiliated businesses. In two incidents involving loans totaling Rs 300 crore and Rs 750 crore, the FIR claims Chanda Kochhar was on the panels that approved the loans.
A day after the September 2009 loan of $300 billion, Dhoot wired Rs 64 crore to Nupower. In May 2009, Chanda Kochhar assumed leadership as the MD and CEO of ICICI Bank. The majority of these loans allegedly become non-performing assets, costing the bank Rs 1,730 crore, it is further claimed.
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