The Central Bureau of Investigation’s delving into the ICICI-Videocon loan controversy plausibly can bring into its peripheral well-known former as well as current officials in addition to Chanda Kochhar, ICICI’s former head.

On Thursday afternoon, approximately a year post the registration of a initiatory enquiry into the matter, the investigation agency filed a proper competent case, listing Kochhar and her husband Deepak Kochhar and Videocon Group boss Venugopal Dhoot.

Concordant to CBI’s FIR, the role played by ICICI’s current CEO Sandeep Bakshi and top former officials like non-executive chairman K.V. Kamath and executive director Sonjoy Chatterjee in committees that sanctioned the loans to Videocon Group could also be cross examined.

The substance of situation as presented initially by a whistleblower-investor’s complaint in 2016, is whether ICICI Bank sanctioned loans worth Rs 3,250 crore to the Videocon Group in 2012 because Dhoot had business dealings with Deepak Kochhar.

It was alleged that loans were sanctioned to Videocon because Dhoot made an investment of Rs 64 crore in Nupower Renewables, a company owned and run by Deepak Kochhar. Supreme Energy, which was owned by Dhoot, was then handed over to a trust managed by Deepak Kochhar through a back road way between 2010 and 2013

6 high-value loans were sanctioned to various Videocon Group companies by ICICI. The first loan of Rs 300 crore was sanctioned to Videocon International Electronics Ltd (VIEL), which was in “contravention of the rules and policy by the sanctioning committee.”
Just a day after the sanctioning , the CBI marked that, Dhoot transferred Rs 64 crore to Nupower Renewables from Videocon Industries through his company Supreme Energy.

The CBI further stated that Chanda Kochhar became ICICI’s chief in May 2009, and that the credit limits that were given to Videocon group companies “were sanctioned after she took over the charge of the bank.”

Narhitya Nawal is TTV’s news piece writer.

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