ICICI Bank loan fraud case: CBI files charge sheet against Kochhars
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ICICI Bank Loan Fraud Case: The CBI has filed a charge sheet against former MD and CEO of ICICI Bank Chanda Kochhar, her husband Deepak Kochhar and Videocon Group founder Venugopal Dhoot in the Rs 3250 crore loan fraud case. Officials gave this information on Saturday.
charge sheet filed under these provisions
Officials said that the probe agency has filed the chargesheet under sections 120-B and 409 of the IPC and provisions of the Prevention of Corruption Act. According to officials, the CBI has named nine entities, which include companies and individuals. He said that without the mandatory requirement of sanction from ICICI Bank to prosecute Chanda Kochhar, the CBI has proceeded to file its final report before a special court in Mumbai. Officials say that a letter was sent to the bank for approval, but its reply is awaited. Normally, the special court waits for the sanction before proceeding to take cognizance of the charge sheet and initiates the trial later if eligible.
The Kochhars and Dhoot were arrested in December last year
Officials said that the special CBI court has not yet taken cognizance of the charge sheet. He said that in case of denial of sanction to prosecute, the provisions of the Prevention of Corruption Act would not apply. The agency had arrested the Kochhars and Dhoot in December last year. Opposing the CBI’s plea for custody, senior advocate Amit Desai, appearing for the Kochhars, brought to the notice of the court a letter written by ICICI Bank to the CBI in July 2021. It was said in the letter that the bank has not suffered any wrongful loss in any transaction.
The High Court had granted bail to the Kochhars on January 9.
The Bombay High Court had granted bail to the Kochhars on January 9 this year. The High Court had said that in the present case, the grounds of arrest have been told only for non-cooperation and not making full and correct disclosure. The bench had said that there was a violation of Section 41A of the CrPC by the Kochhars, which mandates sending notices to appear before the police officer concerned. Along with the Kochhars and Dhoot, Deepak Kochhar-managed Nupower Renewables (NRL), Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Ltd have been named as accused in the CBI FIR.
Know what is the allegation
The agency has alleged that ICICI Bank sanctioned loan facilities of Rs 3,250 crore to Videocon group companies promoted by Dhoot in violation of the Banking Regulation Act, RBI guidelines and the bank’s lending policy. It also alleged that in return Dhoot invested Rs 64 crore in NuPower Renewables through Supreme Energy Private Limited (SEPL) and transferred SEPL to Pinnacle Energy Trust managed by Deepak Kochhar between 2010 and 2012.
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