ICICI-Videocon loan fraud case: In the newest improvement to the ICICI-Videocon loan fraud case, the Central Bureau of Investigation (CBI) has filed a cost sheet against former ICICI Bank MD and chairman Chanda Kochhar, her husband Deepak Kochhar and Videocon Group Chairman Venugopal Dhoot. However, the court is yet to take cognisance of the matter.
The case was first registered in January 2019 against Videocon International Electronics Limited Videocon Industries Limited, Venugopal Nandlal Dhoot, Chanda Kochhar, Deepak Virendra Kochhar, NuPower Renewables Limited, Supreme Energy Private Limited and Unknown public servants underneath sections 120-B learn with 420 IPC and Section 7 learn with part 13(2) learn with 13(1)(d) of the PC Act.
On August 26, 2009, a Sanctioning Committee headed by Chanda Kochhar, MD sanctioned Rupee Term Loan of Rs 300 crore to Videocon International Electronics Limited (VIEL) in contravention of guidelines and insurance policies of the financial institution in felony conspiracies with the co-accused individuals dishonestly by abusing her official place as public servant.
When loan was disbursed?
The loan was disbursed on September 7, 2009 and on very subsequent date September 8, 2009, Dhoot, (MD Videocon Group) transferred Rs 64 crore to NRL managed by Deepak Kochhar from Videocon Industries Limited by his firm Supreme Energy Pvt. Ltd. (SEPL).
NRL was integrated on December 24, 2008. Dhoot and his relative Saurabh Dhoot resigned from the directorship of NRL on January 15,2009. Before resigning. V N Dhoot allotted 1997500 warrants (convertible into fairness) to Deepak Kochhar.
On June 5, 2009 shares of NRL held by V N Dhoot and Deepak Kochhar had been transferred to Supreme Energy Private Limited (SEPL).
Dhoot resigned from the directorship of SEPL
SEPL was integrated on July 3, 2008 with its administrators as V.N. Dhoot and his affiliate Vasant Kakade. Dhoot resigned from the directorship of SEPL on January 15, 2009 by transferring his shares to Pinnacle Energy Trust managed by Deepak Kochhar.
Between June 2009 and October 2011, ICICI Bank sanctioned Rupee Term Loan of Rs 1875 crore to six firms of Videocon Group for the aim of enabling them to repay the unsecured loan availed by these firms from Videocon Industries Limited. All these loans had been sanctioned after Chanda Kochhar took over the cost of ICICI Bank as MD & CEO.
Of the six loans, Chanda Kochhar was one of many committee members in two loans i.e. RTL of Rs 300 crore to VIEL and RTL of Rs 750 crore to VIL.
ICICI financial institution releases FDR safety
The ICICI financial institution had additionally launched the safety out there within the type of FDR of Rs 50 crore within the accounts of Sky Appliance Ltd and Techno Electronic Ltd with none justification.
On April 26, 2012, the prevailing excellent of the six RTL accounts had been adjusted in RTL of Rs 1730 crore, sanctioned to VIL underneath refinance of home debt. The account of VIL was declared NPA on June 30, 2017. The current excellent within the account is Rs 1033 crore.
What CBI says?
“During investigation, it has been found that in furtherance of criminal conspiracy with other accused persons, Chanda Kochhar sanctioned various loans to Videocon Group despite having business dealings with VN Dhoot. That investigation revealed that on September 8, 2009, an amount of Rs 64 crore was transferred out of a disbursed amount of Rs 283.45 crore, sanctioned to Videocon International Electronic Limited by a committee headed by Chanda Kochhar, to the company’s account of her husband. Thus Chanda Kochhar has committed criminal breach of trust punishable under Section 409 of IPC, by sanctioning RTL of Rs 300 crore and later on converted the funds of Rs 64 crore for her own use,” the CBI has alleged.
The CBI stated that being a public servant, she was entrusted with the financial institution funds for which she was liable to discharge such belief in accordance with the rules issued by the ICICI Bank.
The CBI has learnt that Chanda Kochhar was residing in a flat with out consideration. During the interval she handled loan proposal of Videocon Group and sanctioned for sanction as a member of the committee flat was underneath litigation for possession between Videocon Industries Limited and Deepak Kochhar. Subsequently, the flat (valued at Rs 5.25 crore in 1996) was transferred to Quality Advisor, a household belief of Deepak Kochhar at a meagre quantity of Rs 11 lakh in 2016.
ALSO READ: ICICI-Videocon loan fraud case: CBI chargesheets against Kochhar, Dhoot
More concerning the case
According to experiences, Videocon promoter Venugopal Dhoot allegedly invested crores of rupees in Nupower months after the Videocon Group acquired Rs 3,250 crore as a loan from ICICI Bank in 2012.
It was alleged that the accused sanctioned sure loans to personal firms in a felony conspiracy with others to cheat ICICI Bank, the CBI had stated in a press release after submitting of the FIR in 2019.
Notably, the Enforcement Directorate (ED) had additionally registered the cash laundering case following an FIR registered by the CBI against the Kochhar couple, Dhoot, and others.
(With inputs from companies)
