Ex-ICICI Bank CEO-MD Chanda Kochhar, husband Deepak Kochhar sent to CBI custody till Monday

A Special Court of the Central Bureau of Investigation (CBI) on Saturday remanded former ICICI Bank CEO-MD Chanda Kochhar, husband Deepak Kochhar in CBI custody till December 26, Monday.

The CBI arrested the couple on Friday in connection with the alleged ICICI Bank-Videocon money laundering case.

The CBI lawyer in the court said that they have arrested accused number four and five, as per the First Investigation Report registered with them.

He said that after Chanda Kochhar became the MD and CEO of the bank, six loans were sanctioned to Videocon and its subsidiary companies and Chanda was a part of the committees that sanctioned two of the loans.

The CBI had named the Kochhars and Dhoot, along with companies Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Limited, as accused in the FIR registered under IPC sections related to criminal conspiracy and provisions of the Prevention of Corruption Act in 2019, they said.

The CBI had alleged that ICICI Bank had sanctioned credit facilities to the tune of ₹3,250 crore to the companies of Videocon Group promoted by Dhoot in violation of the Banking Regulation Act, RBI guidelines, and credit policy of the bank.

It was also alleged that as a part of the quid pro quo, Dhoot made an investment of ₹64 crore in Nupower Renewables through Supreme Energy Pvt Ltd (SEPL) and transferred SEPL to Pinnacle Energy Trust managed by Deepak Kochhar through a circuitous route between 2010 and 2012.

It is alleged that during the tenure of Chanda Kochhar at ICICI Bank, six loans worth ₹1,875 crore were cleared for the Videocon Group and its associated companies during 2009-11. 

In two cases, she was on the sanctioning committees, according to the FIR.

Chanda Kochhar was on the sanctioning committee deciding two loans ₹300 crore to Videocon International Electronics Limited (VIEL) on August 26, 2009, and ₹750 crore to Videocon Industries Limited on October 31, 2011, it has alleged.

The loans were issued in alleged violation of laid-down policies and regulations of the bank, the FIR alleged.

Most of these loans became non-performing assets, causing a loss of ₹1,730 crore to the bank, it alleged.

A day after the ₹300-crore loan was disbursed by ICICI Bank to VIEL, Dhoot transferred ₹64 crore to Nupower Renewables, managed by Deepak Kochhar, on September 8, 2009, it further alleged.

The transfer of ₹64 crore was made from Videocon Industries Ltd through SEPL.