CBI had registered a preliminary enquiry on December 8, 2017 based on the allegations that Rs 3,250 crore worth of loans were sanctioned by the bank to companies associated with the Videocon group, in violation of norms.
After 13 months of investigation, the Central Bureau of Investigation (CBI) has filed a case against Indian banking icon and former ICICI bank CEO Chanda Kochhar, her husband Deepak Kocchar and Videocon group MD Venugopal Dhoot. The trio are charged with cheating and corruption in sanction of loans that caused a loss of Rs 1,730 crore to the bank.
Top banking executives – namely ICICI bank CEO Sandeep Bakshi, Goldman Sachs co-CEO Sonjoy Chatterjee, Standard Chartered CEO Zarin Daruwala, MD and CEO of Tata Capital Rajiv Sabharwal, former ICICI chairman K V Kamath and Tata Capital's senior advisor for private equity Homi Khusrokhan -- are also under scanner.
These bankers were part of the ICICI bank committees that cleared some of the six loans amounting t0 Rs 1,875 crore to the Videocon group and its associated companies.
The agency also carried out raids at four locations — offices of the Videocon group and Nupower Renewables — in Mumbai and Aurangabad in Maharashtra. At the time of this report going to press, the raids were still on. Dhoot owns the Videocon group, while Deepak owns Nupower Renewables. Offices of Dhoot-promoted Supreme Energy were also raided.
CBI had registered a preliminary enquiry on December 8, 2017 based on the allegations that Rs 3,250 crore worth of loans were sanctioned by the bank to companies associated with the Videocon group, in violation of norms. The loans were given to Trend Electronics, Century Appliances Limited, Kail Limited, Value Industries Limited and Evan Fraser and Co India Limited — all belonging to the Videocon Group.
It was alleged that as quid pro quo, Dhoot invested of Rs 64 crore in Nupower Renewables Limited through Supreme Energy Private Limited (SEPL). He also, allegedly transferred SEPL to Pinnacle Energy Trust, managed by Deepak Kochhar, through a circuitous route between 2010 to 2012.
The FIR has alleged that these loans have turned non-performing assets, resulting in wrongful loss to ICICI Bank and wrongful gain to the borrowers and the accused.
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