Chanda Kochhar got flat in Mumbai, financial gain through fraud, says CBI

The CBI on Saturday said that former ICICI Bank CEO Chanda Kochhar, an accused in the alleged ICICI bank-Videocon loan fraud case, got a flat in Mumbai, and financial gain through the fraud.

Earlier in the day, a special court in Mumbai sent Chanda Kochhar and her husband Deepak Kochhar to CBI custody till Monday in connection with the case.

While arguing on the matter, public prosecutor of CBI said that loss of Rs 1,730 crore was caused to ICICI bank by the accused.

“When Chanda Kochhar took charge of ICICI bank, six loans were sanctioned to various companies of Videocon. Two loans were sanctioned by committees where Chanda Kochhar was a member. She influenced other committees also to sanction the loans to Videocon group,” the CBI alleged in the court.

The prosecution said that in 2009, Videocon group gave a loan of Rs 64 crore loan to Nupower, which is Deepak Kochhar’s firm.

The CBI also alleged that a Mumbai-based flat, where Chanda Kochhar was residing, was transferred to the family trust of Deepak Kochhar.

“The value of this flat was Rs 5.25 crore in 1996 and in 2016, the flat was transferred in Rs just 11 lakh. All this is ill-gotten money,” the CBI has said.

As per a CBI official, an FIR was filed in January 2019 against Kochhar, her husband and Venugopal Dhoot of Videocon Group.

Nupower Renewables, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Limited were also made accused in the FIR.

Dhoot allegedly invested crores of rupees in Nupower, months after the Videocon Group got Rs 3,250 crore as loan from ICICI Bank in 2012.

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