Chanda Kochhar: The CBI informed a special court on Wednesday that THE ICICI Bank Board has approved the prosecution of its former managing director and CEO Chanda Kochhar in connection with the Videocon loan case under the Prevention of Corruption Act. The Board meeting on April 22 approved the sanction to prosecute, as required by the Act because a bank employee is considered to be a public servant.
CBI Names Chanda Kochhar, Deepak Kochhar, and Others in Videocon Loan Case
The CBI filed a chargesheet in April against Kochhar, her husband Deepak, the chairman of Videocon, Venugopal Dhoot, and six other people. At the time, the CBI claimed it had not yet received the sanction it had requested to bring charges against Kochhar. Despite the Board’s approval for Kochhar’s prosecution, it is understood that the bank suffered no unjust loss as a result of the loan transaction with Videocon. Instead, when obtaining sanction under the anti-corruption Act, the Board took into account the transaction of Rs 64 crore that Deepak’s company, Nupower Renewables, is said to have received from Videocon Industries Limited.
CBI Alleges Dishonest Misuse of Position by Chanda Kochhar in Videocon Loan Case
The CBI claimed that this demonstrated Kochhar had “dishonestly” misused her position by giving Videocon a loan on September 7, 2008, when the very next day, Rs 64 crore, from the company, was sent to her husband’s business. When Chanda Kochhar was detained by the CBI in December 2022, the agency stated that it was looking into allegations of wrongful loss to the tune of Rs 1,730 crore to ICICI Bank in connection with six loans granted to the Videocon Group between 2009 and 2011, two of which were approved by a committee Chanda Kochhar was a member of. Then, Kochhar’s attorney cited a letter that ICICI Bank had sent to the agency claiming that the bank had not suffered any unjustified losses.
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ICICI Bank Board Approves Prosecution of Chanda Kochhar
The sanction was received from the ICICI Bank Board, CBI attorney A Limosin said the court on Thursday. He asked the court’s registry for instructions on how to retain the required sanction paperwork with the chargesheet. The chargesheet is currently being examined in the registrar. The matter will be given to a court once it has been authenticated, which will then consider taking cognizance of it and summon the accused in accordance. The single public employee involved in the case, Kocchar, is accused of violating the Prevention of Corruption Act’s pertinent parts as well as the Indian Penal Code’s cheating, criminal conspiracy, and criminal breach of trust laws. She would still be charged under the IPC but not the anti-corruption Act if the sanction was not issued.
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