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Ex-ICICI CEO Chanda Kochhar, husband Deepak get bail in Videocon loan fraud case

While granting bail to Chanda Kochhar and Deepak Kochhar, the Bombay HC bench said that the arrest was not in accordance with law.

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In a major relief for former ICICI Bank MD and CEO Chanda Kochhar and her husband Deepak Kochhar, the Bombay High Court on Monday (January 9) granted bail to them in Videocon loan fraud case.

It is to be noted that Chanda Kochhar and Deepak Kochhar were in judicial custody after they were arrested by CBI for their alleged involvement in multi-crore Videocon loan fraud case. While granting bail to the couple, the Bombay HC bench said that the arrest was not in accordance with law.

Chanda Kochhar and her husband Deepak Kochhar were arrested on December 24 in a loan fraud case worth over Rs 3,000 crore. Chanda and Deepak Kochhar were called to the CBI headquarters and was arrested after brief questioning. They allegedly gave evasive answers and did not cooperate with the investigators.

What are the allegations against Chanda Kochhar?

Chanda Kochhar, her husband and Videocon Group promoter Venugopal Dhoot have been named by the CBI as accused in a corruption and criminal conspiracy case. The FIR in the loan fraud case also names companies Nupower Renewables (NRL), Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Limited, as accused. 

The CBI is claiming that credit facilities of around Rs 3,250 crore sanctioned to Videocon group companies, were in violation of RBI rules and the credit policy oif ICICI Bank. 

The CBI has claimed that Dhoot invested Rs 64 crore in Deepak Kochhar’s Nupower Renewables in a quid pro quo. Dhoot allegedly made this investment through a company Supreme Energy Pvt Ltd (SEPL), which he transferred to Deepak Kochhar-managed Pinnacle Energy Trust. The transfers happened from 2010 to 2012 through a circuitous route.

Six loans of Rs 1,875 were disbursed by ICICI Bank to Videocon Group and its associated firms between 2009 and 2011 during Kochhar’s tenure, CBI alleged. The FIR says that Chanda Kochhar was on the committees sanctioning the loans in two cases worth Rs 300 crore and Rs 750 crore. 

Dhoot transferred Rs 64 crore to Nupower a day after the Rs 300 crore loan in September 2009. Chanda Kochhar had taken charge as ICICI Bank MD and CEO in May 2009. It is further alleged that most of these loans turned into non-performing assets, setting the bank back by Rs 1,730 crore. 

 

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