'Ex-ICICI Bank CEO Kochhar got Rs 64 crore illegal gratification' | India News - Times of India
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MUMBAI: Former ICICI Bank CEO Chanda Kochhar accepted "illegal gratification" of Rs 64 crore other than legal remuneration as a motive or reward and also "misappropriated the bank's funds for her own use", submitted the prosecution on Monday, urging the special CBI court to take cognisance of the chargesheet against Kochhar, her husband Deepak Kochhar and Videocon promoter Venugopal Dhoot in a Rs 3,250-crore loan fraud case.
The CBI, through special public prosecutor A Limosin, said she conspired with the other accused to sanction credit facilities in favour of companies of the Videocon Group. The court will continue to hear arguments on July 3. In furtherance of a criminal conspiracy on August 26, 2009, a rupee term loan of Rs 300 crore was sanctioned to M/s Videocon International Electronics Limited by the ICICI bank committee of directors headed by Kochhar, said CBI. The loan amount was disbursed on September 7 and through a complex maze involving various companies of the Videocon group, Rs 64 crore was transferred under the garb of investments to Ms NuPower Renewables Limited, owned by Deepak.
The 11,000-page chargesheet was submitted this April, and earlier this month the prosecution told the special court that sanction to prosecute Chanda Kochhar had been received from the competent authority - the bank's board. While the board had held that no loss had been caused to the bank, there was quid pro quo.
The investigating agency claimed that Kochhar stayed with her husband in a flat at CCI Chambers in Mumbai's Churchgate, owned by the Videocon Group. It was transferred to her family trust in October 2016 at a meagre amount of Rs 11 lakh, though it was valued at Rs 5.3 crore even as far back as 1996, said the CBI.
The chargesheet also named Dhoot's nephew Saurabh Dhoot and a CA, Dattatraya Kadam, as accused. Videocon Industries Limited, NuPower Renewables Limited and Supreme Energy Private Limited are the companies named in it.
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The CBI, through special public prosecutor A Limosin, said she conspired with the other accused to sanction credit facilities in favour of companies of the Videocon Group. The court will continue to hear arguments on July 3. In furtherance of a criminal conspiracy on August 26, 2009, a rupee term loan of Rs 300 crore was sanctioned to M/s Videocon International Electronics Limited by the ICICI bank committee of directors headed by Kochhar, said CBI. The loan amount was disbursed on September 7 and through a complex maze involving various companies of the Videocon group, Rs 64 crore was transferred under the garb of investments to Ms NuPower Renewables Limited, owned by Deepak.
The 11,000-page chargesheet was submitted this April, and earlier this month the prosecution told the special court that sanction to prosecute Chanda Kochhar had been received from the competent authority - the bank's board. While the board had held that no loss had been caused to the bank, there was quid pro quo.
The investigating agency claimed that Kochhar stayed with her husband in a flat at CCI Chambers in Mumbai's Churchgate, owned by the Videocon Group. It was transferred to her family trust in October 2016 at a meagre amount of Rs 11 lakh, though it was valued at Rs 5.3 crore even as far back as 1996, said the CBI.
The chargesheet also named Dhoot's nephew Saurabh Dhoot and a CA, Dattatraya Kadam, as accused. Videocon Industries Limited, NuPower Renewables Limited and Supreme Energy Private Limited are the companies named in it.
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