Tag : NS:CBI

Mumbai (The Hawk): The Central Bureau of Investigation (CBI (NS:CBI)) bit the bullet to apprehend the Kochhar couple in relation to the alleged large Rs 3,250 crore loan fraud involving the defunct Videocon Group almost seven years after the initial accusations arose. The CBI has accused Chanda Kochhar, 61, of irregularities and violating banking laws and regulations in a number of loans granted to the Videocon Group of businessman Venugopal N. Dhoot between 2009 and 2011, while she was in charge of the bank. In addition to naming businesses like Videocon International Electronics Ltd., NuPower Renewables Pvt. Ltd., Videocon Industries Ltd. (NS:VEDI), and Supreme Energy Pvt. Ltd., the CBI earlier in 2019 charged the Kochhar couple and Dhoot with violating the Indian Penal Code and the Prevention of Corruption Act. After the Videocon Group received a loan of Rs 3,250 crore from ICICI Bank (NS:ICBK) in 2012, the CBI claimed that Dhoot allegedly diverted Rs 64 crore to NuPower Renewables, where Deepak Kochhar had a 50% stake, raising concerns and ethical issues given that Chanda had set the credit limits for the Videocon Group companies. According to the CBI charge sheet, under Kochhar, the ICICI Bank approved loans to the Videocon Group and other parties in flagrant violation of the bank's policies. When these loans were later deemed non-performing assets (NPAs), the bank suffered losses, while the accused and borrowers made illegal gains. The CBI also sought to look into the actions of other senior ICICI Bank executives who allegedly followed Chanda's orders to issue loans to the Videocon Group and other companies. The loans to the Videocon Group companies and other borrowers eventually became non-performing assets (NPAs) by 2017. ...