The special CBI court has taken cognizance of the chargesheet filed in the Videocon-ICICI Bank loan case and issued summons to former ICICI Bank MD and CEO Chanda Kochhar, her husband Deepak Kochhar, Videocon Group's Venugopal Dhoot, and six others. In a detailed order, the court stated that there was sufficient material to substantiate the allegations against the accused.
The court noted that the chargesheet included evidence of irregularities in loan sanctioning, diversion of funds, and misutilization of funds. It also mentioned the receipt of a part of the loan as a reward through companies established by Deepak Kochhar. The court highlighted that the roles of all the accused in the transactions were demonstrated based on evidence of funds transfers in various accounts linked to Videocon Industries Limited and NuPower Renewables Limited.
Additionally, the court referred to circulars issued by the Reserve Bank of India (RBI) regarding disclosures of interests in loan proposals and noted that Chanda Kochhar had not disclosed her relationship with Videocon Industries Limited.
The chargesheet filed by the CBI alleged that ICICI Bank, under Chanda Kochhar's leadership, sanctioned loans to companies linked to the financially troubled Videocon Group. It claimed that Rs 64 crore was paid as illegal gratification in the guise of an investment in the Kochhars' company, NuPower Renewables. The CBI stated that these loans were granted in violation of guidelines and ICICI Bank's credit policy.
The court concluded that a prima facie case had been made out based on the investigation papers and statements of witnesses. It mentioned the offences under the Indian Penal Code, including criminal conspiracy and criminal breach of trust, which apply to the accused.
The trial is set to begin on August 2, as the accused have been summoned to appear before the court.
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