ICICI Bank loan fraud case: Chanda Kochhar reportedly paid tax for family trust after massive CBI probe

ICICI Bank loan fraud case: Chanda Kochhar reportedly paid tax for family trust after start of CBI probe

On July 3, the Central Bureau of Investigation (CBI) presented its arguments before a special CBI court regarding the ongoing preliminary enquiry against Chanda Kochhar, the former chief of ICICI Bank, and her husband Deepak. According to a report in the Economic Times, the CBI informed the court that after the commencement of the preliminary enquiry, Deepak Kochhar paid income tax amounting to Rs 1.53 crore. This payment was made on the income of Rs 3.42 crore received by a family-held trust, which owned a residential flat located in South Mumbai. The said flat is considered to be at the core of the CBI’s case against the Kochhars.

Moreover, the CBI has also approached the Bombay High Court, requesting it to take cognisance of its chargesheet. The chargesheet alleges that Chanda Kochhar, during her tenure as the CEO and Managing Director of ICICI Bank, misappropriated funds belonging to the bank for her personal use. It further claims that she received Rs 64 crore as illegal gratification. By urging the court to acknowledge the chargesheet, the CBI aims to initiate legal proceedings based on these allegations against Chanda Kochhar.

According to an India Today report, the Central Bureau of Investigation (CBI) revealed that the amount in question was transferred through a convoluted structure involving various companies of Videocon. The transfer was disguised as an investment in NuPower Renewable Limited, a company owned by Chanda Kochhar’s husband, Deepak Kochhar. This complex arrangement raised suspicions of wrongdoing.

In the alleged loan fraud scam case amounting to Rs 3,250 crore, Chanda Kochhar, Deepak Kochhar, and V N Dhoot, the promoter of Videocon Group, have all been charged. The CBI’s chargesheet, which spans a staggering 11,000 pages, includes the names of these three individuals. The chargesheet suggests their involvement in the fraudulent activities related to loans.

The CBI’s investigation has uncovered a web of financial transactions and connections that point to the alleged scam. The involvement of Videocon companies in transferring funds to NuPower Renewable Limited, which is owned by Deepak Kochhar, adds a layer of complexity to the case. These intricate financial maneuvers raise suspicions of illegal practices and highlight the need for further examination and legal action.

According to the Central Bureau of Investigation (CBI), it was revealed that the trust owned by Chanda Kochhar had acquired a flat in CCI Chambers located in Churchgate in 2016 from the Videocon group for a mere Rs 11 lakh. Remarkably, the market value of the flat at that time was estimated to be Rs 5.3 crore, indicating a significant disparity between the purchase price and the actual worth of the property. This raises suspicions regarding the transaction and suggests potential impropriety.

Furthermore, it came to light that the Kochhars’ son also purchased a flat in the same building on the same floor in November 2021. The reported price for this acquisition was Rs 19.11 crore, indicating a substantial investment. The timing and value of this purchase raise questions about the financial activities of the Kochhar family and their potential connection to the alleged misconduct surrounding the Videocon loan case.

On August 26, 2009, the ICICI Bank committee of directors, chaired by Chanda Kochhar, sanctioned a Rupee Term Loan (RTL) of Rs 300 crore to Videocon International Electronics Limited. This loan was subsequently disbursed on September 7, 2009. The revelation of this loan approval under Chanda Kochhar’s leadership further adds to the scrutiny surrounding her involvement in the case.

These details shed light on the financial transactions and property acquisitions associated with the Kochhar family, suggesting potential irregularities and the need for a comprehensive investigation into their actions and their alleged connection to the Videocon loan scam.

The CBI prosecutor revealed that Videocon, utilizing its intricate network of companies, transferred an amount of Rs 64 crore to Deepak Kochhar’s company, M/s NuPower Renewable Ltd (NRL). Simultaneously, it was highlighted that Chanda Kochhar, in her capacity, approved two loans. The first was a Rupee Term Loan (RTL) of Rs 300 crore granted to M/s Videocon International Electronics Limited (VIEL), while the second was an RTL of Rs 750 crore sanctioned to M/s Videocon Industries Limited (VIL).

Significantly, as part of the investigation, the CBI noted that out of the sanctioned Rs 300 crore to VIEL, an amount of Rs 64 crore was transferred by V N Dhoot, the promoter of Videocon Group, to Deepak Kochhar’s company on the day after the loan was disbursed, namely, September 7, 2009.

These revelations shed light on the alleged financial transactions and connections between Videocon entities, Deepak Kochhar’s company, and the loans approved by Chanda Kochhar. The CBI’s investigation suggests a potential link between the disbursement of the loan and the subsequent transfer of funds to Deepak Kochhar’s company. These findings form a crucial part of the case against Chanda Kochhar and Deepak Kochhar, highlighting the alleged misuse of authority and potential financial improprieties surrounding the loans provided to Videocon entities.

As part of the ongoing investigation, the Central Bureau of Investigation (CBI) has provided further details regarding the alleged financial transactions in the case involving Chanda Kochhar, Deepak Kochhar, and Videocon. According to the CBI, out of the sanctioned amount of Rs 300 crore to M/s Videocon International Electronics Limited (VIEL), a significant sum of Rs 64 crore was transferred by V N Dhoot, the promoter of Videocon Group, to Deepak Kochhar’s company, M/s NuPower Renewable Ltd (NRL). Notably, this transfer occurred just one day after the loan was disbursed, on September 7, 2009.

The revelation of this transfer of funds raises suspicions and forms a critical aspect of the CBI’s case. It suggests a potential nexus between the loan granted to VIEL and the subsequent transfer of a substantial amount to Deepak Kochhar’s company. The CBI is scrutinizing the timeline and the nature of these transactions to ascertain any potential improprieties or illegal activities.

This specific transfer of Rs 64 crore is seen as a crucial piece of evidence, indicating the flow of funds from Videocon to Deepak Kochhar’s company shortly after the loan was approved and disbursed. Such transactions, within a short timeframe, raise questions about the nature of the relationship between the parties involved and the possible misuse of funds.

The CBI’s investigation continues to delve deeper into the intricacies of the financial transactions, seeking to establish a clear understanding of the alleged fraud and the roles played by Chanda Kochhar, Deepak Kochhar, and Videocon. The objective is to present a comprehensive case based on these findings and bring the responsible individuals to justice if any wrongdoing is proven.