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- Loan Fraud Case; Former ICICI Bank CEO Chanda Kochhar And Her Husband Deepak Arrested By CBI
new DelhiOne hour ago
The CBI on Friday arrested former MD and CEO of ICICI Bank Chanda Kochhar and her husband Deepak Kochhar in the loan fraud case. Actually, Chanda is accused of giving loan of crores of rupees by going against the policy and regulation of the bank.
Explain that Arvind Gupta, a shareholder of ICICI Bank and Videocon, wrote a letter to the Prime Minister, the Reserve Bank and SEBI, accusing Videocon Chairman Venugopal Dhoot and Chanda Kochhar of favoring each other.
It claims that Dhoot’s company Videocon was given a loan of Rs 3250 crore from ICICI Bank in 2012 and in return Dhoot invested his money in Chanda Kochhar’s husband Deepak Kochhar’s alternative energy company ‘Nupawar’. Following the allegations, Chanda, 59, resigned as CEO and MD of ICICI Bank in October 2018.
In fact, Videocon Group Chairman Venugopal Dhoot had good business relations with Chanda Kochhar’s husband Deepak Kochhar. This was the reason that the company formed with the help of Videocon Group was named after Deepak Kochhar’s Pinnacle Energy Trust. Venugopal Dhoot swindled huge amount through this company of Deepak Kochhar.
Understand through the time line … how the big manipulation happened
- December 2008: Videocon MD Venugopal Dhoot along with Chanda Kochhar’s husband Deepak Kochhar formed a company NuPower Renewables Pvt Ltd. The Kochhar family and Dhoot had a 50-50 stake in it. Deepak Kochhar was made the Managing Director of this company.
- January 2009: Dhoot quits as director of NuPower. He also transferred his 24,999 shares to NuPower for Rs 2.5 lakh.
- March 2010: It is alleged that Dhoot gave a loan of Rs 64 crore to NuPower Company through his group company Supreme Energy Pvt Ltd.
- November 2010: Dhoot hands over his stake in Supreme Energy, the lender to Kochhar’s NuPower company, to Maheshchandra Punglia.
- April 2012: Indian Express news has claimed – Five companies of Videocon group were given loan of Rs 3250 crore in April 2012. The group did not repay 86% of this loan i.e. Rs 2810 crore. After this the loan was declared NPA (Non Performing Assets) in 2017.
- September 2012: Punglia transferred the stake in Supreme Energy Company, acquired from Dhoot, to Deepak Kochhar-led Pinnacle Energy Trust. Shares with 94.99 per cent holding were transferred for just Rs 9 lakh. In this way, the loan of Rs 64 crore received from Supreme Energy has no meaning.
78 crore property was attached 3 years ago
ED had attached assets worth Rs 78 crore of Chanda Kochhar 3 years back. These included his Mumbai home and properties of companies linked to him. ED officials had said that a warrant had been issued against Kochhar for action under the Prevention of Money Laundering Act (PMLA). Under this, Kochhar’s Mumbai flat and properties of a company belonging to his family were attached by the probe agency.