The Central Bureau of Investigation (CBI) has filed a charge sheet against Former ICICI Bank CEO Chanda Kochhar, her husband Deepak Kochhar, and Videocon Group founder Venugopal Dhoot in a Rs 3,250 crore loan fraud case. The central investigation agency has named nine entities, including companies and individuals, in its charge sheet, reported PTI.
The news agency cited a CBI official saying that the charge sheet has been filed sheet sections 120-B (criminal conspiracy) and 409 (criminal breach of trust) of the Indian Penal Code (IPC) and provisions of the Prevention of Corruption Act, among others.
The official also said that the CBI has moved to file its final report before a special court in Mumbai without the mandatory requirement of sanction to prosecute Chanda Kochhar from ICICI Bank. The special court generally waits for the sanction before taking cognisance of the charge sheet before starting the trial.
A letter had been sent to the bank seeking the sanction but its response is awaited, the official told the news agency. Adding that the special CBI court is yet to take cognisance of the charge sheet.
The Prevention of Corruption Act’s provisions will not be applicable in cases where a sanction to prosecute is denied, the official said.
In December last year, CBI arrested the Kochhars and Dhoot. Kochhars’ attorney told the court that a letter summited by the ICICI Bank in July 2021 claimed that it suffered no unjust loss in any of the transactions in question. On January 9, the Bombay High Court released the couple on bail, stating that the CBI’s arrest of them was “casual, mechanical, perfunctory, and clearly without application of mind.”
The HC noted that in the present case, the grounds of arrest are merely stated as non-cooperation and not giving full and correct disclosure.
“The reason given in the arrest memos to arrest the petitioners, having regard to the facts as stated aforesaid, appears to us, to be casual, mechanical and perfunctory, clearly without application of mind,” the court had observed.
According to the report, CBI’s FIR names Kochhars, Venugopal Dhoot, Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Limited, and Videocon Industries Limited as accused.
The agency claims that ICICI Bank violated the Banking Regulation Act and the bank’s credit policy when it approved credit facilities totaling Rs 3,250 crore for the Videocon Group entities, the news agency said. Additionally, it was claimed that between 2010 and 2012, Dhoot invested Rs 64 crore through Supreme Energy Private Limited (SEPL) in Nupower Renewables as part of a trade-off and transferred SEPL to Pinnacle Energy Trust, run by Deepak Kochhar.