A few days back, the probing agency had arrested former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar. The couple is scheduled to remain in CBI custody till today. However, the CBI has sought custody of the Videocon chairman for three days and of the couple for three more days.
Here’s all you need to know the case:
- In 2019, CBI had booked the Kochhar couple and Dhoot, besides naming the companies like Videocon International Electronics Ltd., NuPower Renewables Pvt. Ltd., Videocon Industries Ltd., Supreme Energy Pvt. Ltd., under the provisions of the Indian Penal Code and Prevention of Corruption Act.
- The agency has alleged that ICICI Bank sanctioned credit facilities to the tune of Rs 3,250 crore to the companies of Videocon Group promoted by Venugopal Dhoot in violation of the Banking Regulation Act, RBI guidelines and the credit policy of the bank.
- The defence lawyer had claimed that ICICI Bank had stated in the past that it had not suffered any wrongful loss, and pointed out that the “main borrower” had not been arrested yet.
- During its preliminary enquiry, the CBI found six loans worth Rs 1,875 crore were sanctioned to the Videocon Group and companies associated with it between June 2009 and October 2011 in an alleged violation of laid-down policies of ICICI Bank, which are part of the probe.
- The agency has said that the loans were declared non-performing assets in 2012, causing a loss of Rs 1,730 crore to the bank.
- In 2009, a sanctioning committee of ICICI Bank headed by Chanda Kochhar sanctioned a term loan of Rs 300 crore to VIEL in contravention of rules and policies of the bank. The next day, Dhoot transferred Rs 64 crore to NRL from VIEL through his company Supreme Energy Private Limited (SEPL). In “furtherance of criminal conspiracy with other accused persons” Chanda Kochhar sanctioned various loans to Videocon Group, the CBI claimed.
- In 2009, the shares of Nupower Renewables Ltd (NRL) held by Venugopal Dhoot (24996) and Deepak Kochhar’s group Pacific Capital Services Pvt. Ltd. (24999) were transferred to SEPL, which became 95 per cent shareholder of NRL.
- Supreme Energy Pvt. Ltd. (SEPL) was incorporated in 2008 with Venugopal Dhoot (9990 shares) and his associate Vasant Kakade (10 shares) as its first directors. Venugopal Dhoot resigned from directorship of SEPL in 2009 and transferred the control of the said company to Deepak Kochhar by transferring his shares to Pinnacle Energy Trust (PET), which was managed by Deepak Kochhar.
- As part of another quid pro quo, Chanda Kochhar lived in a flat without paying any consideration during the period she dealt with the loan proposal of Videocon Group, it added. The flat was under litigation between Videocon and Deepak Kochhar.
- In 2016, the flat, valued at Rs 5.25 crore in 1996, was transferred to Quality Advisor, a family trust of Deepak Kochhar, for a meagre amount of Rs 11 lakh, the CBI alleged.
(With inputs from agencies)