Chanda Kochhar used bank money for personal use, CBI alleges misuse, increased difficulties

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The difficulties of Chanda Kochhar, former CEO and MD of ICICI Bank, have increased further. In this case, the CBI told the special court yesterday i.e. on Monday that Chanda Kochhar has used the bank’s money for personal use. According to media reports, Chanda Kochhar took a bribe of Rs 64 crore. At the same time, in this case, CBI’s Special Public Prosecutor A Limozin has demanded to take cognizance of the charge sheet against Chanda Kochhar, her husband Deepak Kochhar along with others for irregularities and fraud in sanctioning loans to Videocon Group firms.

Personal use of bank funds – CBI

The Central Bureau of Investigation (CBI) on Monday told a special court here that Chanda Kochhar, former MD and CEO of ICICI Bank, misappropriated the lender’s funds for personal use. Between May 2009 and January 2019, the CBI told the court. ICICI Bank’s Managing Director (MD) and Chief Executive Officer (CEO) Chanda Kochhar was entrusted with the responsibility of the bank’s funds.

Shajis accused of credit facilities

The CBI argued that she was liable to discharge such responsibility as per the guidelines of the Reserve Bank of India and the loan policies of ICICI Bank. The CBI said that he conspired with other accused persons to sanction or obtain credit facilities in favor of Videocon group companies.

Apart from remuneration, bribe of Rs 64 crore was taken – CBI

As part of the criminal conspiracy, a term loan of Rs 300 crore to Videocon International Electronics Limited was sanctioned in August 2009 by the committee of directors headed by Chanda Kochhar. The CBI argued that Chanda Kochhar received a bribe of Rs 64 crore in addition to legal remuneration and thus, misappropriated the bank’s funds for her own use. The Kochhar couple were arrested by the CBI in December last year in the case. Later, the Bombay High Court granted interim bail to the couple.

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