Express News Service
A Special Court in Mumbai remanded former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar to three days of CBI custody allowing the agency to quiz the couple till Monday to probe their involvement in the alleged irregularities in the over Rs 3000 crore loan extended to the Videocon Group by ICICI Bank.
Kochhar and her husband were arrested by the CBI on Friday in connection with the case and were taken to Mumbai from Delhi by the CBI on an early morning flight on Saturday, where they were produced before a special CBI court.
The Kochhar couple was arrested by the CBI for “non-cooperation” with the agency during a questioning session on Friday, for which the duo was summoned to Delhi. Consistent incoherence with the deposition and non-cooperation prompted the agency to take them into custody on Friday, sources in the CBI said.
Seeking their remand to probe the matter further the CBI submitted before the court that the loan extended to the Videocon Group during Kcchhars tenure had caused loss to the tune of Rs 1,730 crore to ICICI bank.
The agency alleged that when Chanda Kochhar took charge of ICICI bank, 6 loans were sanctioned to various companies of Videocon out of which at least 2 loans were sanctioned by committees where Chanda Kochhar was a member. In other instances, she influenced committees also to sanction loans to Videocon group, CBI said.
The CBI also alleged that in 2009, Rs 64 cr loan was given by the Videocon group to Nupower, which is Deepak Kochhar’s firm.
According to the case registered in Mumbai by the CBI Kochhar had allegedly favoured Videocon Group a multi-business entity, known for its electronic products, by allowing “deviations” in the bank’s lending policies. She was charged with criminal conspiracy and cheating by the agency for alleged irregularities in a loan extended to the Videocon Group in 2012 that turned into a non-performing asset for the ICICI Bank. The transaction however benefitted the Kochhars the CBI had alleged.
The ICICI in 2019, declared that it will classify Kochhar’s departure as “termination for cause” because she had broken the bank’s code of conduct and internal standards.
The case was out of news for a while but recently came under the spotlight following questioning of Venugopal Dhoot, the ex-chief of Videocon group, in November by the Directorate of Enforcement. Dhoot was quizzed by the agency in connection with the loan extended to the group by ICICI during Kochhar’s tenure. The ED is investigating the money laundering angle in connection with the matter
The ICICI in 2019, declared that it will classify Kochhar’s departure as “termination for cause” because she had broken the bank’s code of conduct and internal standards.
The case which was out of the news for a while but recently came under the spotlight following the questioning of Venugopal Dhoot, the ex-chief of the Videocon group, in November by the Directorate of Enforcement. Dhoot was quizzed by the agency in connection with the loan extended to the group by ICICI during Kochhar’s tenure. The ED is investigating the money laundering angle in connection with the matter.
A Special Court in Mumbai remanded former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar to three days of CBI custody allowing the agency to quiz the couple till Monday to probe their involvement in the alleged irregularities in the over Rs 3000 crore loan extended to the Videocon Group by ICICI Bank.
Kochhar and her husband were arrested by the CBI on Friday in connection with the case and were taken to Mumbai from Delhi by the CBI on an early morning flight on Saturday, where they were produced before a special CBI court.
The Kochhar couple was arrested by the CBI for “non-cooperation” with the agency during a questioning session on Friday, for which the duo was summoned to Delhi. Consistent incoherence with the deposition and non-cooperation prompted the agency to take them into custody on Friday, sources in the CBI said.
Seeking their remand to probe the matter further the CBI submitted before the court that the loan extended to the Videocon Group during Kcchhars tenure had caused loss to the tune of Rs 1,730 crore to ICICI bank.
The agency alleged that when Chanda Kochhar took charge of ICICI bank, 6 loans were sanctioned to various companies of Videocon out of which at least 2 loans were sanctioned by committees where Chanda Kochhar was a member. In other instances, she influenced committees also to sanction loans to Videocon group, CBI said.
The CBI also alleged that in 2009, Rs 64 cr loan was given by the Videocon group to Nupower, which is Deepak Kochhar’s firm.
According to the case registered in Mumbai by the CBI Kochhar had allegedly favoured Videocon Group a multi-business entity, known for its electronic products, by allowing “deviations” in the bank’s lending policies. She was charged with criminal conspiracy and cheating by the agency for alleged irregularities in a loan extended to the Videocon Group in 2012 that turned into a non-performing asset for the ICICI Bank. The transaction however benefitted the Kochhars the CBI had alleged.
The ICICI in 2019, declared that it will classify Kochhar’s departure as “termination for cause” because she had broken the bank’s code of conduct and internal standards.
The case was out of news for a while but recently came under the spotlight following questioning of Venugopal Dhoot, the ex-chief of Videocon group, in November by the Directorate of Enforcement. Dhoot was quizzed by the agency in connection with the loan extended to the group by ICICI during Kochhar’s tenure. The ED is investigating the money laundering angle in connection with the matter
The ICICI in 2019, declared that it will classify Kochhar’s departure as “termination for cause” because she had broken the bank’s code of conduct and internal standards.
The case which was out of the news for a while but recently came under the spotlight following the questioning of Venugopal Dhoot, the ex-chief of the Videocon group, in November by the Directorate of Enforcement. Dhoot was quizzed by the agency in connection with the loan extended to the group by ICICI during Kochhar’s tenure. The ED is investigating the money laundering angle in connection with the matter.
