• Fri. Dec 1st, 2023
Loan scam: Court finds sufficient information against Kochhar |  India News
Mumbai: A detailed order of the special CBI court considering the chargesheet filed against former MD and CEO of ICICI Bank Chanda Kochhar, her husband Deepak Kochhar and Videocon promoter Venugopal Dhoot in the Rs 3,250 crore loan fraud case. It is clear that sufficient information in the form of oral and written evidence has been collected during the investigation to substantiate the allegations against the accused.
Allegation of “concealment of facts, irregularity in sanction of loan, diversion of loan amount, misappropriation of funds without the sanctioned purpose, acceptance of part of loan as gratuity by public servant (Chanda Kochhar) through companies established by her husband (Deepak Kochhar) and concealment of interest on loan proposal, The violation of the circulars issued by the RBI in this regard and the illegal gratification received by the public servant is prima facie clear. The record,” said Special Judge SP Naik-Nimbalkar, accepting the arguments submitted by Special Public Prosecutor A Limousin.
The judge said the charge-sheet mentioned offenses under the Indian Penal Code relating to criminal conspiracy, criminal conspiracy, cheating and criminal breach of trust. “It is needless to say that the charge of criminal breach of trust under Section 409 of the Indian Penal Code can only be made against public servants, bankers, merchants or agents. Accused No. 4 (Chanda Kochhar) is the only public servant involved in this case,” the judge said. Section 409 carries a maximum sentence of life imprisonment.
In a copy of the 24-page order available on Saturday, the judge said the RBI master circulars on loans, advances, statutory and other regulations for the period July 1, 2009 have been recorded for proof if a director so desires. He should withdraw from the meeting. “Letter dated May 28, 2019 is produced to prove that Chanda Kochhar has not disclosed his relationship with M/s VIL (Videocon Industries Ltd),” the judge said.
The judge said that several documents related to the sanction of Rs 750 crore term loan (RTL) to VIL have been seized. “Similarly, documents relating to sanction of RTL of Rs 1,730 crore have also been filed on record. In this regard, the original minutes of the meeting and the loan account statements are on record,” the judge said.
On perusal of all these flow charts along with fund trail and material on record, disbursement of amount to various accounts of M/s VIL, M/s SAIL and M/s NRL, the Judge said. . Nupower Renewables Limited) is displayed. “The roles of all the accused in relation to the referred transactions… can be explained and proved on the basis of these documents. Therefore, at this stage, prima facie, there are sufficient reasons to maintain that a case has been made out for investigation. Papers collected by the CBI,” the judge said.
The judge also referred to a list of 78 total witnesses attached to the charge sheet, among them several bank officers. “Primarily, going through their statements, they deny the allegations leveled against the accused… along with the facts setting out the details of the transactions in the charge sheet,” the judge said.
In the charge sheet, the CBI says that after Chanda Kochhar was announced as MD and CEO of ICICI Bank in December 2008, the accused conspired with them to sanction loans to the financially troubled Videocon Group. 64 crore paid under the guise of investment in Kochhar’s company NewPower Renewables, the loans were extended from time to time in lieu of illegal gratification. In all, the CBI said, after Chanda Kochhar took over as CEO in May 2009, Videocon was granted Rs six term loans, all sanctioned by a board of directors headed by Chanda Kochhar, in violation of guidelines and ICICI Bank’s credit policy.

Leave a Reply

Your email address will not be published. Required fields are marked *