Videocon Loan Case: CBI to produce ICICI Bank's Ex-CEO and MD at Mumbai Special Court

According to authorities, the CBI will present ICICI Bank's former CEO and MD Chanda Kochhar and her husband Deepak Kochhar at a Mumbai Special Court on Saturday afternoon in connection with suspected cheating and irregularities in loans granted by the bank to Videocon Group companies. On May 1, 2009, Chanda Kochhar has taken over the charge of ICICI Bank as Managing Director and CEO.

The agency will seek a police remand of both accused to question them about the case, they stated. According to the officials, a team of CBI agents is escorting the couple on their journey to Mumbai this morning. The Kochhars were summoned to the agency's headquarters on Friday and arrested following a brief interrogation. According to the CBI, they were evasive in their statements and did not comply with the investigation.

According to sources, the agency is likely to move swiftly to file the first charge sheet in the case, which could identify the Kochhars as well as Venugopal Dhoot of Videocon Group.

According to the CBI, the Kochhars and Dhoot, as well as companies Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd, and Videocon Industries Limited were named as accused in an FIR filed in 2019 under IPC sections related to criminal conspiracy and provisions of the Prevention of Corruption Act.
The CBI claimed that ICICI Bank granted credit facilities worth Rs 3,250 crore to Videocon Group companies promoted by Dhoot in contravention of the Banking Regulation Act, RBI norms, and the bank's credit policy. As part of the deal, Dhoot allegedly invested Rs 64 crore in Nupower Renewables through Supreme Energy Pvt Ltd (SEPL) and transferred SEPL to Pinnacle Energy Trust headed by Deepak Kochhar via a convoluted process between 2010 and 2012.

During Chanda Kochhar's tenure at ICICI Bank, six loans worth Rs 1,875 crore were allegedly approved for the Videocon Group and its connected entities between 2009 and 2011. According to the FIR, she served on two sanctioning committees.
According to the allegations, Chanda Kochhar was on the sanctioning committee that approved two loans: Rs 300 crore to Videocon International Electronics Limited (VIEL) on August 26, 2009, and Rs 750 crore to Videocon Industries Limited on October 31, 2011. The loans were allegedly made in breach of the bank's standards and regulations, according to the FIR. According to the bank, the majority of these loans were non-performing assets, resulting in a Rs 1,730 crore loss. On September 8, 2009, a day after ICICI Bank disbursed the Rs 300-crore loan to VIEL, Dhoot allegedly transferred Rs 64 crore to Nupower Renewables, managed by Deepak Kochhar. SEPL received a Rs 64 crore transfer from Videocon Industries Ltd. 

"This was the first significant investment made by NRL (Nupower Renewables) to purchase the first power plant. Chanda Kochhar received illicit gratification and undue profit from VIL/VN Dhoot through her husband for issuing a Rs 300 crore loan to VIEL "the FIR alleged.