ICICI Bank-Videocon case: Chanda Kochhar reportedly paid tax for family trust after start of CBI probe

The Central Bureau of Investigation (CBI) on July 3 argued before the special CBI court that after the commencement of a preliminary enquiry (PE) against former ICICI Bank chief Chanda Kochhar and her husband, Deepak, the latter paid income tax of Rs 1.53 crore on income of Rs 3.42 crore received by the family-held trust which owned a South Mumbai flat that is at the heart of the CBI case, Economic Times reported.

This comes after the CBI asked the Bombay High Court to take cognisance of its chargesheet, claiming that former ICICI Bank CEO and MD Chanda Kochhar "misappropriated the bank's funds for her own use" and got Rs 64 crore as "illegal gratification".

The central probe agency said the amount was transferred through a complex structure involving various companies of Videocon in the garb of investment in NuPower Renewable Limited, owned by Chanda Kochhar’s husband, Deepak Kochhar, an India Today report said.

Chanda Kochhar, her husband Deepak Kochhar, and Videocon Group's promoter, V N Dhoot, have been charged in an alleged loan fraud scam case of Rs 3,250 crore, and all three were named in CBI's 11,000-page chargesheet.

CBI said that the trust held by Kochhar had a flat in CCI Chambers in Churchgate in 2016 from Videocon group for just Rs 11 lakh, while its value back then was Rs 5.3 crore. Meanwhile, their son also bought a flat in the same building on the same floor in November 2021 for Rs 19.11 crore.

On August 26, 2009, a Rupee Term Loan (RTL) of Rs 300 crore was sanctioned to Videocon International Electronics Limited by the ICICI Bank committee of directors, which was headed by Chanda Kochhar. The loan was disbursed on September 7.

The CBI prosecutor said that Videocon, through its complex web of companies, transferred Rs 64 crore to Deepak’s company M/s NuPower Renewable Ltd (NRL).

It added that Kochhar approved two loans: RTL of Rs 300 crore to M/s Videocon International Electronics Limited (VIEL) and RTL of Rs 750 crore to M/s Videocon Industries Limited (VIL).  

The CBI added that of the Rs 300 crore sanctioned to VIEL, Rs 64 crore was transferred by Dhoot to Deepak Kochhar’s company a day after the loan was disbursed on September 7, 2009.

Besides, the bank had released the security available in the form of FDR of Rs 50 crore in the accounts of other group entities - M/s Sky Appliance Limited and M/s Techno Electronic Limited - without any justification, the CBI added.

(With inputs from Vidya)

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