Loan Fraud Case: Ex-ICICI Bank CEO Chanda Kochhar, Husband Move HC

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Loan Fraud Case: Ex-ICICI Bank CEO Chanda Kochhar, Husband Move HC

| Updated: December 27, 2022 16:49

Chanda Kochhar, the former CEO and MD of ICICI Bank, and her husband Deepak Kochhar went before the Bombay High Court on Tuesday, claiming that the CBI’s arrest of them in connection with a loan fraud investigation was illegal.

The Kochhars were told to bring up the matter before the regular bench once it resumed after the holiday break post the court refused to grant an urgent hearing. According to Kocchars’ advocate, the CBI did not seek any prior sanctions before the couple was arrested, as required by law.

The Kochhars were detained by the investigation agency on Friday night following a brief interrogation. It said that they gave evasive answers and refused to help with the probe.

In its FIR filed in 2019 under IPC sections related to criminal conspiracy and the Prevention of Corruption Act, the CBI had named the Kochhars and Venugopal Dhoot, chairman of the Videocon Group, along with Deepak Kochhar-managed Nupower Renewables (NRL), Supreme Energy Private Ltd (SEPL), Videocon International Electronics Ltd. (VIEL), and Videocon Industries Limited.

The CBI claims that ICICI Bank violated the Banking Regulation Act, RBI norms, and the bank’s credit policy when it approved loans totalling Rs 3,250 crore for the Videocon Group entities that Dhoot promoted. Dhoot, 71, was detained by the investigation agency on Monday in connection with the case.

The CBI claims that Chanda Kochhar abused her official position as a public servant in 2009 to get a sanctioning committee under her leadership to authorise a term loan of Rs 300 crore to VIEL, which was against the bank’s regulations and norms. According to the CBI, Dhoot allegedly transferred Rs 64 crore from VIEL to NRL through SEPL the day after the loan was disbursed. Till December 28, the Kochhar couple and Dhoot will remain under the custody of the CBI.

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