How Chanda Kochhar was caught in the loan granting frauds, while all shied to take action against her

After almost a year, CBI has booked Chanda Kochhar, her husband and V N Dhoot as accused in the ICICI scam loan to Videocon

How Chanda Kochhar was caught in the loan granting frauds, while all shied to take action against her
How Chanda Kochhar was caught in the loan granting frauds, while all shied to take action against her

Chanda Kochhar’s fraud was well known in Finance Ministry from 2010 and then Finance Minister Chidambaram even gave clearance to Videocon to engage in oil exploration in Mozambique in 2012

At last, the law caught former ICICI Bank head Chanda Kocchar, the glamour girl of India’s Banking sector for providing loans to felicitate kickbacks to her husband. The CBI has booked former ICICI Bank CEO Chanda Kochhar, her husband Deepak Kocchar and Videocon group Managing Director Venugopal Dhoot for cheating and corruption in sanctioning loans to the company, which caused a loss of Rs 1,730 crore to the bank.

Finance Ministry was giving clearance to Indian Banks including lead banker ICICI to provide Rs.40,000 crores to Videocon to explore oil and gas in Mozambique

Chanda Kocchar and her husband were first exposed in the public domain by PGurus on March 25, 2018. This is the report which collapsed the ICICI Bank head’s fraud: The ICICI Bank reacted to our report by a dillydallying statement next day [1].  After ICICI Bank’s response, Indian Express carried the report, leading to the public outrage.

India’s every media was hushing-up the frauds in the ICICI Bank in providing huge loans of above Rs.3500 crore to Videocon Group and the Chanda Kochhar’s husband was taking money from the Videocon to his firms. On March 2016, one small investor body’s President Arvind Gupta filed the complaint to Prime Minister Narendra Modi and all Chiefs of investigation agencies including top officers of Finance Ministry. Gupta was knocking all doors of media houses and all promptly ignored due to advertisement pumping of ICICI Bank.  Then another person Anil, who is running an NGO also filed a similar complaint and it was published in the magazine owned by the complainant. Arvind Gupta also published the complaint his blog too, frustrated over the media blackout. In other words, till PGurus published the expose based on Arvind Gupta’s complaint on March 25, 2016, all were keeping silence.

Chanda Kochhar’s fraud was well known in Finance Ministry from 2010 and then Finance Minister Chidambaram even gave clearance to Videocon to engage in oil exploration in Mozambique in 2012. Finance Ministry was giving clearance to Indian Banks including lead banker ICICI to provide Rs.40,000 crores to Videocon to explore oil and gas in Mozambique. Till date, no action is taken why Chidambaram approved Videocon, who was already defaulter and caught in many scams including 2G scam to provide Rs.40,000 crores by Indian banks to explore oil and gas in African country. PGurus on April 4, 2018 reported this gigantic loot[2].

The agency had registered a preliminary enquiry on the allegations that Rs 3,250 crore worth of loans were sanctioned by the bank to companies associated with the Videocon group in violation of the laid-down norms

After almost a year, CBI has booked Chanda Kochhar as Accused. Some top names in the banking industry – present CEO of ICICI bank Sandeep Bakshi, Sonjoy Chatterjee, Zarin Daruwala, Rajiv Sabharwal,

K V Kamath and Homi Khusrokhan – have also come under the scanner as they were part of the ICICI bank committees clearing some of the six loans worth Rs 1,875 crore given to the Videocon group and associated companies, said CBI officials.

Following the registration of the FIR late Wednesday night, the agency officials swooped down at four locations in Mumbai and Aurangabad early morning Thursday — offices of the Videocon group, Nupower Renewables — the company run by Deepak Kochhar and Supreme Energy — once promoted by Dhoot.

The agency had registered a preliminary enquiry on the allegations that Rs 3,250 crore worth of loans were sanctioned by the bank to companies associated with the Videocon group in violation of the laid-down norms.

It was also alleged that Rs 64 crore was invested by Dhoot through one of the companies, Supreme Energy, founded by him, which was alleged as quid pro quo in the complaint that triggered the preliminary enquiry.

References:

[1] ICICI Bank head Chanda Kochhar and husband on the radar of probe agencies for doubtful loans to debt-ridden Videocon Group?March 25, 2018, PGurus.com

[2] Chidambaram knew the ICICI Bank – Videocon Rs.40,000 crore loan and other dubious dealsApr 4, 2018, PGurus.com

Team PGurus

We are a team of focused individuals with expertise in at least one of the following fields viz. Journalism, Technology, Economics, Politics, Sports & Business. We are factual, accurate and unbiased.

17 COMMENTS

  1. In any bank fraud case only instruments are getting punished but not the user of the instrument.One can sympathise the bankers who are forced to throw all rules to the wind and sanction the loans against their will. The loans are sure to become boss. In order to show them as performing asset, again additional loans are sanctioned to the same firms ,this the looting goes on.

  2. Kudos to Pgurus Team. If not for you, i would not have known about this dirty bank tricks. Pvt or public bank, all seem to give depositors and investors money to so called enterpreneurs who just do marketting and have connivance with big bureaucrats and politicians. They take away millions of dollars and we the honest people keep toiling. It is so easy to make money for those “Marketed enterpreneurs”.

  3. Why nothing mentioned about Mr Dhoots political connections and his nomination to Rajya Sabha and by whom.Expose Pappu and his Sucks about this Crony Capitalism.

  4. माँ-बेटा को नेशनल हेराल्ड तिहाड़ भेजेगा।

    बाप-बेटा FIPB के जरिये सरकारी मेहमान बनेंगे तिहाड़ में।

    अब पति पत्नी को VIDEOCON लाएगा तिहाड़ के अंदर।
    तिहाड़ अब जुगल जोड़ियों का भरमार बनेगा।

    तिहाड़ में अब pizzza सेक्शन, इडली-साम्बार विभाग और राजस्थानी थालियों का ििइंतज़ाम करना पड़ेगा।

    UPA का cabinet meeting, ICICI का board meeting अब तिहाड़ में प्रबंध किये जायेंगे।

    • Last year in one of the interviews, Pappu intended to “empower woman”.
      Pappu now “empowered” his sister Priyanka Vadra Gandhi.

  5. It is wonderful that pgurus has been fearlessly exposing the high and mighty folks who have managed to create image of being saints through the ‘paid’ media. Chanda’s ganda dhanda is finally coming to the fore. However, may I suggest to alter the tone of this story a tad as it seems to communicate that Chanda was just being a dutiful wife and it was really her pati parmeshwar who was the sutradhar. Somehow this story gives an impression that it is the men who dominate the world of corruption – star cast of this saga comprises of 3 men (one of them being the superstar Pee Cee) and the lady is just an extra. Corruption has no gender. Not long ago, Chanda was a feminist icon, idolized for being more successful than her inferior half. So, now when it comes to corruption and crime, how could she get less credit than the men named in this story. I hope that the investigation by the agencies will focus as much (or more) on her as the others.

    • well said PJ. who can forget the corruption charges of Sonia, JJayalalitha & associates Sasikala,etc?Hope feminist icons,in order to evade corruption charges, dont resort to #MeToo allegations!

    • To be followed by Axis bank ma’am scam….
      It’s reported and alleged that “without” doing anything Pappu’s sister Priyanka is worth Rs.450 crores

  6. Informative article. Good job Team PGurus. Keep it up.

    Just a suggestion about a typo. At 2 places in this article, you mentioned 40,000. It should be 40,000 crores.

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