Videocon mortgage case: CBI will get three-day custody of ICICI Financial institution’s ex-CEO and MD Chanda Kochhar, her husband

Chanda Kochhar arrest, ICICI Financial institution, Venugopal Dhoot, Videocon mortgage case: The Central Bureau of Investigation (CBI) obtained three-day custody of ICICI Financial institution’s former CEO and MD Chanda Kochhar and her husband Deepak Kochhar on Saturday in reference to the alleged dishonest and irregularities in loans sanctioned by the financial institution to Videocon Group corporations. CBI had saught the accused couple’s remand to interrogate them in reference to the case.

A crew of CBI officers is escorting the couple on a flight to Mumbai this morning, the officers mentioned.

The Kochhars had been referred to as to CBI headquarters on Friday and arrested after a quick questioning session.

Additionally Learn: CBI arrests former ICICI Financial institution CEO-MD Chanda Kochhar, husband Deepak Kochhar in Videocon mortgage case

The company has alleged that they had been evasive of their responses and did not cooperate within the investigation.

The company is more likely to transfer briskly and file the primary chargesheet within the case, during which the Kochhars might be named together with Videocon Group’s Venugopal Dhoot.

The CBI had named the Kochhars and Dhoot, together with corporations Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Power, Videocon Worldwide Electronics Ltd and Videocon Industries Restricted, as accused within the FIR registered underneath IPC sections associated to legal conspiracy and Prevention of Corruption Act provisions in 2019, they mentioned.

The central investigation company had alleged that ICICI Financial institution had sanctioned credit score amenities price Rs 3,250 crore roughly to the businesses of Videocon Group promoted by Dhoot in violation of the Banking Regulation Act, RBI tips, and ICICI Financial institution’s credit score coverage.

It was additionally alleged that as part of the quid professional quo, Dhoot made an funding of Rs 64 crore in Nupower Renewables by way of Supreme Power Pvt Ltd( SEPL) and transferred SEPL to Pinnacle Power Belief managed by Deepak Kochhar by way of a circuitous route between 2010 and 2012.

It has been alleged that through the time period of Chanda Kochhar at ICICI Financial institution, six loans price Rs 1,875 crore had been cleared for the Videocon Group and its related corporations between the years 2009 and 2011. As per the FIR, Chanda Kochhar was on the sanctioning panels in two circumstances.

Allegedly, the 2 loans the place Chanda Kochhar was on the sanctioning committee had been — 
a) Rs 300 crore to Videocon Worldwide Electronics Restricted (VIEL) on August 26, 2009; and,
b) Rs 750 crore to Videocon Industries Restricted on October 31, 2011.

Moreover, the FIR alleged that these loans had been issued in violation of laid-down insurance policies and laws of ICICI Financial institution. And added that almost all of those loans grew to become non-performing property (NPA) and precipitated lossed to the tune of Rs 1,730 crore to ICICI Financial institution.

A day after the Rs 300-crore mortgage was sanctioned and disbursed by ICICI Financial institution to VIEL, Dhoot transferred Rs 64 crore to Nupower Renewables, managed by Deepak Kochhar, on September 8, 2009, it additional alleged.

The switch of Rs 64 crore was constructed from Videocon Industries Ltd by way of SEPL.

CBI’s FIR alleged: “This was the primary main capital obtained by NRL (Nupower Renewables) to accumulate the primary energy plant. Chanda Kochhar bought unlawful gratification, undue profit by way of her husband from VIL/VN Dhoot for sanctioning Rs 300 crore mortgage to VIEL.

Chanda Kochhar had taken over the cost of ICICI Financial institution as Managing Director and CEO on Could 1, 2009.

(With Agecny Inputs)

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