The Central Bureau of Investigation said in the Bombay High Court that former CEO of the ICICI bank Chanda Kochhar “misappropriated the bank’s funds for her own use”.
The Central Bureau of Investigation (CBI) asked the Bombay High Court to take cognisance of its charge sheet, claiming that former ICICI Bank CEO and MD Chanda Kochhar “misappropriated the bank’s funds for her own use” and got Rs 64 crore as “illegal gratification”.
The central probe agency said the amount was transferred through a complex structure involving various companies of Videocon in the garb of investment in NuPower Renewable Limited, owned by Chanda Kochhar’s husband, Deepak Kochhar.
The CBI had filed an 11,000-page chargesheet in April this year against Chanda Kochhar, her husband Deepak Kochhar and Videocon promoter Venugopal Dhoot in an alleged loan fraud scam of Rs 3,250 crore.
Representing the CBI, special public prosecutor, A Limosin, argued that Chanda Kochhar had conspired with other accused and misused her position to grant loans to ineligible Videocon Group firms.
Limosin argued that the trust held by Kochhar had a flat in CCI Chambers in Churchgate in 2016 from Videocon group for just Rs 11 lakh, while its value back then was Rs 5.3 crore.
The CBI said Kochhar’s son also bought a flat in the same building and floor in November 2021 for Rs 19.11 crore.
According to the CBI, on August 26, 2009, a loan was sanctioned to Videocon International Electronics Limited by the ICICI Bank committee of directors headed by Chanda Kochhar. The loan was disbursed on September 7.
The case has been newly assigned to a special CBI court. The ICICI bank board, which is the competent authority according to CBI, has given the sanction to prosecute Kochhar.
Limosin will continue his arguments before special CBI judge SP Naik Nimbalkar on July 3.
