ICICI-Videocon Loan Case: Chargesheet filed by CBI against Chanda Kochhar, Deepak Kochhar, and Venugopal Dhoot

The Central Bureau of Investigation (CBI) has made a significant development in the ICICI-Videocon loan case by filing a chargesheet against former MD and Chairman of ICICI Bank, Chanda Kochhar, her husband Deepak Kochhar, and Videocon Group Chairman Venugopal Dhoot. The chargesheet has been submitted to the Mumbai City Civil and Sessions Court registry department for verification, according to various media reports.

According to the CBI, ICICI Bank sanctioned a rupee term loan of Rs 1,875 crore to six companies of the Videocon Group between 2009 and 2011, and Kochhar was on the committee for two of these loans, including one of Rs 300 crore. The CBI alleges that there were irregularities in the approval process and that Dhoot was the "ultimate beneficiary".

The CBI lodged an FIR in the case in 2019 and made arrests in December 2022. However, the Bombay High Court granted bail to the Kochhars on January 9, stating that the arrests were not in compliance with the law. Subsequently, Dhoot was also granted bail.

The CBI has filed charges under sections 420 (cheating) and 120B (criminal conspiracy) and 409 (criminal misconduct by a public servant) of the Indian Penal Code, along with relevant sections of the Prevention of Corruption Act.

Looking Back

In 2019, an FIR was registered in connection with a loan of over Rs 1,800 crore that ICICI sanctioned to the Videocon group of companies when Chanda Kochhar was the MD of the bank. In December 2022, the CBI arrested Kochhars and Venugopal Dhoot, alleging that irregularities were involved in approving the loan.

The CBI stated in court that the Rs 1,875 crore term loan in question enabled them to repay unsecured loans taken from Videocon Industries Limited. Kochhars were accused of receiving Rs 64 crore as a loan to Deepak Kochhar's NuPower Renewables Ltd and a flat in south Mumbai for Rs 11 lakh in 2016 (valued at Rs 5.25 crore), which the CBI claims were bribes.

However, in January, a division bench of the Bombay High Court granted bail to the Kochhars, stating that the CBI's investigation was in violation of the provisions of law and "clearly without application of mind". The court held that the grounds for arresting the couple were "casual, mechanical and perfunctory".

In the meantime, while contesting Dhoot's bail plea, the CBI informed the HC that it had evidence of coercion by Deepak Kochhar that made Dhoot transfer a luxurious apartment in south Mumbai to a Kochhar-owned family trust.

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