1. How Kochhar Defrauded ICICI Bank: CBI’s Version
The alleged fraud was perpetrated by Kochhar with her husband Deepak Kochhar and Videocon promoter Venugopal Dhoot.
The original Preliminary Enquiry dated 8 December, 2017 was registered on the allegations that ICICI Bank Ltd sanctioned credit facilities of about Rs 3,250 crores to Trend Electronics Ltd., Century Appliances Ltd, Kail Ltd, Value Industries Ltd and Evan Fraser and Co India Ltd, all companies belonging to the Videocon Group promoted by Dhoot.
The officials of ICICI Bank Ltd. sanctioned credit facilities to these companies in violation of the Banking Regulation Act, RBI Guidelines and Credit Policy of the bank. It was also alleged that as a part of the quid-pro-quo, Dhoot made an investment of Rs 64 crore in Nupower Renewables Ltd (NRL) through Supreme Energy Pvt Ltd (SEPL) and also transferred SEPL to Pinnacle Energy Trust managed by Deepak Kochhar through a circuitous route between 2010 to 2012.
The outcome of the enquiry revealed that: "That during June-2009 to October-2011, ICICI Bank had sanctioned six high value loans to various Videocon Group companies. On 26 August 26 2009, RTL of Rs 300 crore was sanctioned to Videocon International Electronics Ltd. (VIEL) in contravention of the rules and policy by the sanctioning committee. Chanda Kochhar was one of the members of the sanctioning committee, who in a criminal conspiracy to cheat ICICI Bank and in pursuance of criminal conspiracy on 26 August 2009, dishonestly by abusing her official position sanctioned this loan in favour of VIEL.
"It is further revealed that on 7 September, 2009, this loan was disbursed to VIEL. On the very next day i.e. on 8 September, 2009, Dhoot transferred an amount of Rs 64 crore to NRL managed by Deepak Kochhar husband of Chanda Kochhar from Videocon Industries Ltd. (VIL) through his company SEPL. This was the first major capital received by NRL to acquire its first power plant. Thus, Chanda Kochhar got illegal gratification and undue benefit through her husband from VIL Dhoot for sanctioning RTL of Rs 300 crore to VIEL.”