CBI files chargesheet against Kochhars, Dhoots in loan case – Times of India

Mumbai: CBI has filed a charge sheet against them Moon Kochhar, former CEO of ICICI Bank, her husband Deepak Kochhar and VN Dhoot, founded by In the Rs 3,250 crore loan fraud case of the Videocon group. The chargesheet also names six others, including companies and one of Dhoot’s close relatives, who allegedly signed documents related to loan disbursement. Another accused is a chartered accountant who allegedly gave a certificate claiming that the loan amount was utilized for the purpose for which it was disbursed.
the prosecution said Sanctions Waiting from the bank to prosecute Chanda.
Amidst the allegations, the CBI has invoked Section 409 relating to criminal misconduct by a public servant of Indian Penal Code , Other charges under the IPC include 420 (cheating) and 120B (criminal conspiracy) apart from offenses under the Prevention of Corruption Act.
The document is presented before the appropriate department in the Court of Session for verification. The charge sheet will then be sent before the special CBI court, which will initiate proceedings in its cognizance.
The CBI had arrested Kochhar along with her husband and Dhoot in the case in December 2022. He was released on bail by the court in January.
As per the CBI’s case, the two companies formed in 2008 were used as part of a compensation arrangement between Chanda and Dhoot. Dhoot had allegedly transferred his stake in both the companies to Deepak just before Chanda took over as the head of ICICI Bank.
ICICI Bank subsequently sanctioned a loan of Rs 1,700 crore to the Videocon Group, most of which turned into non-performing assets (NPAs). Earlier, Kochhar’s counsel had challenged her arrest in the case saying it was illegal and in violation of laws as no sanction was sought.
The CBI had alleged that Chanda Kochhar had received a kickback of Rs 64 crore from the Videocon Group for her own use (through investments in her husband’s firm). The CBI had also alleged that as part of another transaction, she lived in a flat without consideration during the period she was dealing with the Videocon loan proposal. The flat was under litigation between Videocon and Deepak Kochhar for possession.