Big action by CBI in Videocon loan case
The Central Bureau of Investigation (CBI) on Friday night arrested former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar for illegalities in huge loan allotments and taking bribes in allotting Rs.3900 crore to Videocon Group in 2012. The bribe of Rs.325 crore was transferred to Deepak Kochhar’s firm NuPower Renewable Private Limited. This explosive news item was first reported by PGurus on March 25, 2018, citing the complaint filed by investor Arvind Gupta in 2016.[1]
PGurus report published the full complaint filed by Arvind Gupta who wrote a complaint to Prime Minister Narendra Modi, Finance Minister, and all investigating agencies in 2016. A day after the PGurus report, ICICI Bank responded and spoke about their probe on the matter, forcing Chanda Kochhar to resign from the post of CEO.
Chanda Kochhar misused her post to sanction loan to Videocon Group
According to the complaint filed by the investor Arvind Gupta, ICICI Bank head Chanda Kochhar in April 2012, allotted dubious loans to Videocon Group companies ranging from Rs.3900 crore, and during the period Rs.325 crore was transferred to her husband Deepak Kochhar’s firm NuPower Renewable Private Limited.
The complaint addressed to Prime Minister Narendra Modi and copy to Finance Minister Arun Jaitley and all investigating agencies dated March 15, 2016, says Deepak Kochhar is the major shareholder of NuPower and was formed on 50-50 basis shareholding by Kochhar family members Videocon Group family members. At one point in December 2008, Chanda Kochhar was also a shareholder of NuPower, while Joint Managing Director of ICICI Bank Limited, when her mentor K V Kamath was heading the bank.
Jaitley targets CBI over Kochhar probe
Then Finance Minister Arun Jaitley was trying to protect Chanda Kochhar and at one point, even come out with a series of Tweets against CBI. That time late Jaitley was in the US for treatment when CBI tightened the probe.[2]
The Enforcement Directorate also registered a case in 2018 after CBI’s probe and arrested Deepak Kochhar and attached Rs.600 crore worth of properties of the husband and wife.[3]
Reference:
[1] ICICI Bank head Chanda Kochhar and husband on the radar of probe agencies for doubtful loans to debt-ridden Videocon Group? – Mar 24, 2018, PGurus.com
[2] Why is Jaitley throwing tantrums at CBI for fixing Chanda Kochhar and other ICICI Bank officers? – Jan 26, 2019, PGurus.com
[3] ED attaches Rs 600 crores assets of ex-ICICI Bank Chairman Chanda Kochhar and her bribe receiver husband and his companies – Jan 11, 2020, PGurus.com
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Kuch Nahi hai on the lines of Koi Nahin hai
Enough pals inside the BJP infra for resolution
Greed, greed, and Greed. In spite of all going well extremely well in life, this a case where personal reputation was put at risk to gain something that was not materially necessary.