Videocon Group mortgage case: CBI arrests Chanda Kochhar and her husband

Justice B V Nagarathna. File

Former ICICI Financial institution CEO Chanda Kochhar and her husband Deepak Kochhar. File
| Photograph Credit score: The Hindu

The Central Bureau of Investigation has arrested former ICICI Financial institution’s chief govt officer and managing director, Chanda Kochhar, and her husband, Deepak Kochhar, in a case associated to the credit score services prolonged to the Videocon Group of firms.

“They has been arrested in Delhi and will be produced before a Special Court in Mumbai,” stated a CBI official.

The CBI had registered the case in January 2019, alleging quid professional quo in sanctioning loans of ₹1,875 crore to the businesses of Videocon Group, headed by Venugopal Dhoot.

Primarily based on the CBI case, the Enforcement Directorate initiated a cash laundering probe and had arrested Mr. Kochhar in September 2020. The identical yr, in January, it hooked up property value ₹78.15 crore, which included a Mumbai flat within the identify of Ms. Kochhar, and different properties linked to her husband’s firm Nupower Renewables Non-public Restricted, beforehand often called NuPower Renewables Restricted (NRL), and its subsidiaries. Mr. Kochhar was later launched on bail.

The ED had alleged that Ms. Kochhar and her household purchased the flat at a nominal value by taking on a Videocon Group entity by a household belief.

It was alleged that Mr. Dhoot invested ₹64 crore within the NRL by way of Supreme Vitality Non-public Restricted, which was later transferred to Mr. Kochhar-controlled Pinnacle Vitality Belief.

In accordance with the businesses, the NRL was integrated in December 2008 and Mr. Dhoot, Saurabh Dhoot and Mr. Kochhar had been its administrators. Subsequently, the Dhoots give up in January 2009, after over 19.9 lakh warrants value ₹10 per unit had been allotted to Mr. Kochhar on an preliminary fee of ₹1 per unit.

In June 2009, the NRL shares held by Mr. Dhoot and the Deepak Kochhar group had been transferred to the SEPL, which turned 95% shareholder of the NRL.

A day after the disbursement of ₹300-crore mortgage to Videocon Worldwide Electronics Restricted, ₹64 crore was allegedly transferred by Videocon Industries Restricted on September 8, 2009.

It was alleged that in Ms. Kochhar’s tenure, from June 2009 to October 2011, the ICICI Financial institution had sanctioned six high-value loans to the Videocon Group entities. The excellent stability in opposition to the loans as on April 26, 2012, was adjusted as one other time period mortgage of ₹1,730 crore. In June 2017, the mortgage accounts had been declared non-performing property.

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