ICICI Bank Scam: CBI charge sheet claims Kochhars got flat worth Rs 5.25 crore for just Rs 11 lakh from Dhoot
The CBI charge sheet narrates how Chanda Kochhar, the former MD and CEO of ICICI bank, purportedly misused her authority, orchestrating loans for the Videocon Group and benefiting her husband Deepak Kochhar. It divulges specifics such as undervalued property transfers, personal fund misuse, and collaboration with Venugopal Dhoot
FollowThe Central Bureau of Investigation (CBI) has officially submitted a comprehensive charge sheet in the ICICI Bank scam case, shedding light on intriguing details. Multiple media reports said that the CBI charge sheet uncovers the alleged exploitative manoeuvring of Chanda Kochhar, former MD and CEO of the bank, leveraging her influential position.Â
The document reportedly exposes the careful orchestration of loans to the Videocon Group, bypassing regulations and later benefiting her husband Deepak Kochhar. The intricate web of manipulation extends to Videocon founder Venugopal Dhoot transferring a Rs 5.25 crore flat for a mere Rs 11 lakh.
Following a thorough investigation, the CBI has compiled a 10,000-page charge sheet, naming Chanda Kochhar, Deepak Kochhar, and Venugopal Dhoot as the principal accused. Presently, the Kochhars and Dhoot are out on bail.
The charge sheet reportedly outlines Chanda Kochhar's ascent to the position of MD and CEO of ICICI Bank in May 2009. During her tenure, she oversaw the allotment of Rupee Term Loans (RTLs) to the Videocon Group. Between June 2009 and October 2022, a cumulative loan of Rs 1,875 crore was extended to the Videocon Group.
Chanda Kochhar, as the chairperson of the two-member directors' committee, sanctioned RTLs. In subsequent instances, she was involved in committees like the Senior Managers Committee and Credit Committee, facilitating more loans. The loans extended to Videocon Group eventually turned into Non-Performing Assets (NPAs) in June 2017, resulting in a significant loss to ICICI Bank.
The charge sheet reportedly alleges that the Kochhar couple and Venugopal Dhoot orchestrated this plan when Chanda Kochhar's elevation to MD and CEO was being planned in December 2008. The loans continued to be approved based on this blueprint.
Furthermore, the charge sheet allegedly exposes how Chanda Kochhar and her husband resided in a Videocon Group flat in Mumbai. The flat's ownership was transferred to Chanda Kochhar's family trust in October 2016 for a mere Rs 11 lakh, remarkably lower than its original value of Rs 5.25 crore. Deepak Kochhar acted as the Managing Trustee for the Family Trust.
Beyond this, Chanda Kochhar is accused of wrongfully obtaining Rs 64 crore from Dhoot and misusing the bank's funds for personal gain. Deepak Kochhar, in collaboration with his wife, allegedly conspired to secure a loan from ICICI Bank for the Videocon Group.Â
Deepak Kochhar, the spouse of former ICICI Bank MD and CEO Chanda Kochhar, reportedly issued a threat to Venugopal Dhoot, the promoter of Videocon, demanding the transfer of the CCI Chamber flat to either him or his wife. The CBI reportedly claims that the threat was accompanied by a warning from Dhoot that if the transfer did not occur, all the loan accounts of the Videocon Group would be declared as Non-Performing Assets (NPAs).Â
Two chartered accountants' statements were recorded by the CBI as evidence in this case. Atul Galande, a CA associated with the Videocon Group, reportedly detailed Deepak Kochhar's actions. According to the CBI, Galande is believed to have recounted an encounter in 2016 when he visited Dhoot to discuss certain documents. During this visit, he reportedly observed a heated exchange between Dhoot and Kochhar. Deepak Kochhar was asserting ownership of the 45 CCI Chamber flat, while the conversation revolved around the disputed ownership of the property.
The CBI's charge sheet provides insight into the alleged threats and confrontations involving Deepak Kochhar and Venugopal Dhoot, further deepening the investigation into the ICICI Bank and Videocon controversy. The CBI charge sheet also implicates other entities, including NuPower Renewables and several Videocon-associated companies.
