The Bombay High Court on Monday (January 9) granted bail to former ICICI Bank MD and CEO Chanda Kochhar and her husband Deepak Kochhar in the Videocon loan fraud case.
It should be mentioned that Chanda Kochhar and Deepak Kochhar were held in judicial custody after being detained by the CBI for their alleged participation in a multi-million dollar loan fraud case involving Videocon. The Bombay High Court bench stated that the arrest was illegal while awarding the pair bail.
On December 24, Chanda Kochhar and her husband Deepak Kochhar were taken into custody on charges of loan fraud totaling more than Rs 3,000 crore. After a quick interrogation, Chanda and Deepak Kochhar were taken to the CBI headquarters and placed under arrest. They allegedly provided evasive responses and refused to assist the investigators.
Chanda Kocchar controversy in nutshell
Who is Chanda Kocchar
As a management trainee who joined ICICI Bank in 1984, Chanda Kochhar over time rose to become one of the founding members of the organisation. In 2009, Kochhar was appointed managing director and chief executive officer of the bank, making him the first CEO of an Indian bank. At a time when the banking industry was largely seen as being a male-dominated one, she was frequently listed as one of the top Indian women bankers. Her work in the banking industry earned her the Padma Bhushan Award in 2011.
Allegations against Chanda Kocchar
The CBI has listed Chanda Kochhar, her husband, and Videocon Group promoter Venugopal Dhoot as suspects in a case involving corruption and criminal conspiracy. Companies Nupower Renewables (NRL), Supreme Energy, Videocon International Electronics Ltd., and Videocon Industries Limited are also named as defendants in the FIR in the loan fraud case.
The CBI asserts that ICICI Bank’s credit policy and RBI regulations were broken when credit facilities worth about Rs 3,250 crore were granted to Videocon group entities.
According to the CBI, Dhoot made a quid pro quo investment of Rs 64 crore in Deepak Kochhar’s Nupower Renewables. Dhoot allegedly made this investment through the firm Supreme Energy Pvt Ltd (SEPL), which he then moved to the Pinnacle Energy Trust, which is run by Deepak Kochhar. The moves took place over a convoluted period from 2010 to 2012.
ICICI Bank is accused by the CBI of making six loans totaling Rs 1,875 to the Videocon Group and its affiliated companies between 2009 and 2011. According to the FIR, Chanda Kochhar was on the committees that approved loans in two instances totaling Rs 300 crore and Rs 750 crore.
A day after receiving the Rs 300 crore loan in September 2009, Dhoot deposited Rs 64 crore to Nupower. In May 2009, Chanda Kochhar was appointed MD and CEO of ICICI Bank. Furthermore, it is claimed that the majority of these loans became non-performing assets, costing the bank Rs 1,730 crore.
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