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MUMBAI: A Mumbai court on Saturday remanded former MD-CEO of ICICI Bank, Chanda Kochharand her husband Deepak to the custody of Central Bureau of Investigation (CBI) till Monday in a loan fraud case linked to Videocon group of companies.
After arresting the two in Delhi following their questioning in the case on Friday, the CBI produced the duo in the special court seeking three days’ custody, which was granted. The CBI accused them of non-cooperation in the investigation.
Chanda Kochhar took charge of the ICICI Bank as its managing director (MD) and chief executive officer (CEO) in May 2009, after which she allegedly illegally sanctioned loans to the Videocon group of companies. The ICICI Bank loans of Rs 1,875 crore to the Videocon group companies became non-performing assets (NPA) in 2017. It caused loss to the bank, according to the CBI.
However, her lawyer told the court that there was no wrongful loss to the bank and the entire loan amount was repaid. The lawyer also said that the CBI had not taken mandatory sanction under Section 17 A of the Prevention of Corruption Act to investigate her and that she should be released. Under the section, it’s a mandatory requirement for police to seek previous approval for conducting any investigation into any offence committed by a public servant. The CBI countered the argument stating that they had sanction under the Section 19 of the act to investigate Chanda Kochhar.
According to the CBI case, Chanda Kochhar received Rs 64 crore kickback in Deepak’s company, Nupower Renewables Pvt Ltd, from the Videocon group in lieu of the loans. It is alleged that Rs 300 crore loan was disbursed to one of the companies of the Videocon group and within 48 hours of the disbursement, Rs 64 crore was transferred to Nupower Renewables through layers of transactions.
Also, it is alleged that the Kochhar family purchased a flat from the Videocon group at a nominal rate. An apartment at CCI Chambers in south Mumbai was purchased in 1996 for Rs 5.2 crore in the name of Credential Finance Ltd, in which the Videocon group had substantial share, along with Chanda and Deepak Kochhar. The company defaulted on a Rs 4.7 crore loan of SBI Home Finance, for which the apartment was placed at security. The Videocon group paid the SBI dues in 2009 and transferred the ownership of the apartment on the name of its group company — Quality Appliances Pvt Ltd. In 2016, all the shares of Quality Appliances Pvt Ltd was acquired by Deepak’s trust — Quality Advisors — for just Rs 11 lakh.
After arresting the two in Delhi following their questioning in the case on Friday, the CBI produced the duo in the special court seeking three days’ custody, which was granted. The CBI accused them of non-cooperation in the investigation.
Chanda Kochhar took charge of the ICICI Bank as its managing director (MD) and chief executive officer (CEO) in May 2009, after which she allegedly illegally sanctioned loans to the Videocon group of companies. The ICICI Bank loans of Rs 1,875 crore to the Videocon group companies became non-performing assets (NPA) in 2017. It caused loss to the bank, according to the CBI.
However, her lawyer told the court that there was no wrongful loss to the bank and the entire loan amount was repaid. The lawyer also said that the CBI had not taken mandatory sanction under Section 17 A of the Prevention of Corruption Act to investigate her and that she should be released. Under the section, it’s a mandatory requirement for police to seek previous approval for conducting any investigation into any offence committed by a public servant. The CBI countered the argument stating that they had sanction under the Section 19 of the act to investigate Chanda Kochhar.
According to the CBI case, Chanda Kochhar received Rs 64 crore kickback in Deepak’s company, Nupower Renewables Pvt Ltd, from the Videocon group in lieu of the loans. It is alleged that Rs 300 crore loan was disbursed to one of the companies of the Videocon group and within 48 hours of the disbursement, Rs 64 crore was transferred to Nupower Renewables through layers of transactions.
Also, it is alleged that the Kochhar family purchased a flat from the Videocon group at a nominal rate. An apartment at CCI Chambers in south Mumbai was purchased in 1996 for Rs 5.2 crore in the name of Credential Finance Ltd, in which the Videocon group had substantial share, along with Chanda and Deepak Kochhar. The company defaulted on a Rs 4.7 crore loan of SBI Home Finance, for which the apartment was placed at security. The Videocon group paid the SBI dues in 2009 and transferred the ownership of the apartment on the name of its group company — Quality Appliances Pvt Ltd. In 2016, all the shares of Quality Appliances Pvt Ltd was acquired by Deepak’s trust — Quality Advisors — for just Rs 11 lakh.
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