Chanda Kochhar in ICICI mortgage fraud case: The Central Bureau of Investigation (CBI) on Saturday bought the custody of former ICICI Financial institution CEO Chanda Kochhar and Deepak Kochhar, her husband, for 3 days after they have been produced at a particular Mumbai court docket. The Kocchars have been arrested on Friday after the CBI mentioned that the Kochhars have been evasive of their responses and didn’t cooperate within the investigation.
Chanda Kochhar and her husband Deepak Kochhar are accused of dishonest and irregularities in an over Rs 3,000-crore mortgage supplied to the Videocon Group disbursed by ICICI financial institution in 2012 when she was on the helm. The alleged cash laundering case is said to siphoning off six high-value loans from the ICICI Financial institution to numerous firms of Videocon Ltd price round Rs 1,575 crore between June 2009 and October 2011.
The CBI mentioned Videocon promoter Venugopal Dhoot allegedly invested crores in Nupower Renewable, the place Chanda Kochhar’s husband Deepak had a 50 per cent stake. The funding was accomplished after the Videocon Group bought Rs 3,250 crore as a mortgage from ICICI Financial institution in 2012, which was sanctioned by Chanda.
However ultimately, the disbursed mortgage changed into a Non-Performing Asset (NPA), and was later marked as a ‘financial institution fraud’. In October 2018, Chanda Kochhar, now 59, stepped down because the CEO and MD of the financial institution, and costs have been put that she “favoured Videocon Group” for the mortgage, a client electronics and oil and fuel exploration firm.
In an FIR issued in 2019, the CBI mentioned that the accused, Chanda, sanctioned sure loans to personal firms in a legal conspiracy with others to cheat ICICI Financial institution. In September 2020, the Enforcement Directorate arrested Deepak Kochhar as one of many most important accused within the ICICI-Videocon mortgage case and was booked underneath the Prevention of Cash Laundering Act (PMLA).
The CBI has now booked Chanda Kochhar, her husband, and Venugopal Dhoot of Videocon Group, together with firms Nupower Renewables, Supreme Vitality, Videocon Worldwide Electronics Ltd, and Videocon Industries Restricted, as accused within the FIR registered underneath IPC sections associated to legal conspiracy and provisions of the Prevention of Corruption Act, they mentioned.
Within the probe it was discovered when the primary mortgage of Rs 300 crore was disbursed to Videocon on September 9, 2009, on the very subsequent day Dhoot transferred Rs 64 crore to Nupower Renewables Pvt Ltd, which was earlier often called Nupower Renewables Restricted (NRL). Deepak Kochhar owned the managed NRPL via his firm SEPL.
