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IN ITS Complaint has been filed Chanda Kochhar and 8 others The CBI had in April 2008 given loans to Videocon Group, which had fallen into “financial distress” after it was announced that the accused would be appointed as director and CEO of ICICI Bank. He claimed that he had “planned and designed” the project to be approved.
The agency also said that a Churchgate apartment linked to the Videocon Group was acquired by Kochhar and her co-accused husband Deepak Kochhar for Rs 1.1 million in 2016, while her son acquired the same building in November. He also claimed that he had purchased an apartment in the city. 191.1 billion in 2021.
A special court in Mumbai on Wednesday accepted the CBI charge sheet and issued summons to the accused to appear next month.
In the chargesheet, the agency said Kochhar was appointed as Managing Director of ICICI Bank in 2001 and later promoted to MD and CEO with effect from May 1, 2009. The decision to promote her was taken by the board of directors of ICICI Bank. The indictment states that the bank committed the crime on December 19, 2008.
“As a result of our investigation, we found that Videocon International Electronics Limited, Videocon Industries Limited, Venugopal Dhoot, Chanda Kochhar, Deepak Kochhar, Nupower Renewables Limited, Supreme Energy Private Limited and Saurabh Dhoot were involved in the scheme in December 2008 after Mr Chanda’s appointment was announced. It has been revealed that Mr. Kochhar, in his capacity as MD and CEO of ICICI Bank, designed the loan to obtain sanctioned loans for the financially distressed Videocon Group,” the indictment states. ing.
It added that after Kochhar took over as MD and CEO, six rupee term loans were sanctioned from ICICI Bank in favor of Videocon group companies from time to time in furtherance of the conspiracy.
The loan was sanctioned by various committees from June 3, 2009 to October 31, 2011 and the total amount amounted to Rs 1,875 crore. The CBI has alleged that this was done in lieu of illegal remuneration of Rs 640 crore paid to Kochhar in the guise of Videocon’s investment in New Power.
The CBI also revealed details about how an apartment in CCI Chambers, Churchgate, associated with Videocon Group, was purchased by the Kochhar family for Rs 1.1 million in 2016. The CBI has collected copies of transfer deeds of flats in the building from 2009 to 2017. . According to details, the price of an apartment in this building was Rs 5.25 billion in 1995, Rs 10.6 million in 2009, Rs 16 billion in 2014 and Rs 18.5 billion in 2017. “Shri Arjun Kochhar bought an apartment on the same floor and in a similar area on November 12, 2021 for Rs 19.11 crore,” the charge sheet said.
The CBI has alleged that Kochhar was part of some committees that sanctioned loans in violation of banking rules. The bank’s policy provides that the chairman, MD or other director directly or indirectly involved or interested in a proposal must disclose the nature of that interest to the board.
The CBI also alleged that the loan was granted despite several adverse features and that facilities were extended to Videocon, including release of securities after the loan was sanctioned. The agency also alleged that false certificates were submitted to banks to prove the use of the loans, even though the funds were diverted for other purposes.
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