Business Standard CBI closes in on Chanda Kochhar, husband in ICICI Bank-Videocon loan case
Chanda Kochhar showed dishonesty by abusing her official position in sanctioning a loan in favour of Videocon International Electronics, the CBI said
Finance News: The Central Bureau of Investigation (CBI) has named ICICI Bank’s former managing director and chief executive officer (MD and CEO) Chanda Kochhar and her husband Deepak Kochhar, along with his firms, as “accused” in the Rs 3,250-crore Videocon loan case. The first information report (FIR) registered on Thursday said the accused, including Videocon Industries (VIL) and its chairman and MD, Venugopal Dhoot, sanctioned certain loans to private companies in a criminal conspiracy and cheated ICICI Bank to the tune of Rs 1,730 crore. Explaining the modus operandi, the CBI said ICICI Bank sanctioned credit facilities of Rs 3,250 crore to several companies belonging to Videocon group such as Trend Electronics, Century Appliances and others which were in violation of the Banking Regulation Act, Reserve Bank of India rules and the bank’s credit policy. The Rs 3,250-crore credit amount was part of a total loan of Rs 40,000 crore sanctioned to the Videocon group by a 20-bank consortium. The agency said it had investigated the quid pro quo where Dhoot made an investment of Rs 64 crore in Deepak Kochhar’s NuPower Renewables through his firm Supreme Energy (SEPL). Dhoot also transferred the same to Pinnacle Energy managed by Kochhar through a “circuitous route” between 2010 and 2012...Read More