CBI files chargesheet against Chanda-Deepak Kochhar in ICICI-Videocon loan fraud case

Chargesheet has been filed against former ICICI MD Chanda Kochhar, her husband Deepak Kochhar and Videocon founder Venugopal Dhoot. The Central Bureau of Investigation (CBI) is probing the matter. The CBI has filed a charge sheet against Chanda Kochhar, her husband Deepak Kochhar and Videocon Group Chairman Venugopal Dhoot in the ICICI-Videocon loan fraud case. At present, the court has not taken cognizance of the matter. 420 IPC read with Section 120-B and Section 7 of IPC on 22.1.2019 against Videocon International Electronics Ltd. Videocon Industries Ltd., Venugopal Nandlal Dhoot, Chanda Kochhar, Deepak Virendra Kochhar, NuPower Renewables Ltd., Supreme Energy Pvt. Ltd. and unknown public servants A case was registered for the first time under Section 13(1)(d) of the PC Act read with Section 13(2) w.e.f.

It is to be mentioned that on August 26, 2009, a Sanction Committee headed by Chanda Kochhar, MD, suspended Videocon International Electronics Limited (VIEL) for dishonestly acting as a public servant along with co-accused persons in violation of the Bank's rules and policies. Sanctioned term loan of Rs 300 crore in a criminal conspiracy by abusing official position.

The loan was disbursed on September 7, 2009, and on the next date, September 8, 2009, Dhoot, (MD Videocon Group) through his company Supreme Energy Private Limited (SEPL) sold NRL managed by Deepak Kochhar to Videocon Industries Limited. Transferred Rs. NRL was incorporated on 24 December 2008. Dhoot and his relative Saurabh Dhoot resigned as directors of NRL on 15 January 2009. Before resigning, VN Dhoot allotted 1997500 warrants (convertible into equity) to Deepak Kochhar.

On June 5, 2009, the shares of NRL held by VN Dhoot and Deepak Kochhar were transferred to Supreme Energy Private Limited (SEPL). SEPL was commissioned on July 3, 2008, by V.N. Dhoot and his colleague Vasant Kakde was included along with its directors. Dhoot resigned as director of SEPL on January 15, 2009, and transferred his shares to Pinnacle Energy Trust managed by Deepak Kochhar.

Between June 2009 and October 2011, ICICI Bank sanctioned term loans of Rs 1,875 crore to six Videocon group companies with a view to enable them to repay unsecured loans taken by these companies from Videocon Industries Limited. All these loans were sanctioned after Chanda Kochhar took over as MD and CEO of ICICI Bank.

Out of the six loans, Chanda Kochhar was one of the committee members in two loans i.e. RTL of Rs.300 crore to VIL and RTL of Rs.750 crore to VIL. ICICI Bank had also released the security available in the form of FDRs of Rs 50 crore in the accounts of Sky Appliances Limited and Techno Electronic Limited without any justification.