While seeking cognisance of the chargesheet filed in connection with the Videocon loan case, the CBI has said that ICICI Bank's former MD and CEO Chanda Kochhar 'accepted/obtained' illegal gratification of Rs 64 crore as a 'motive A chargesheet was filed in April against Kochhar, her husband, Deepak Kochhar, Videocon Chairman Venugopal Dhoot and six others by the CBI. On Monday, the investigation agency made submissions before a special court for cognisance of the chargesheet. CBI said that Kochhar was the MD and CEO of the ICICI Bank between May 2009 and January 2019 and she was entrusted with the bank's funds, expected to discharge such trust in line with the guidelines set by RBI and the bank's loan policies. CBI has claimed that she conspired with the other accused and got credit facilities sanctioned in favour of Videocon Group. It is alleged that a committee headed by Kochhar sanctioned a term loan of Rs 300 crore to Videocon International Electronics Ltd on August 26, 2009. CBI claimed that this loan was disbursed on September 7, 2009 through a complex structure involving several companies of Videocon. It also alleged that around the same time, Rs 64 crore was transferred to Videocon Industries under the garb of investment to a company, NuPower Renewable Ltd, linked to her husband Deepak Kochar. CBI has also alleged that Kochhar and her husband lived in a flat owned by Videocon Group, which was subsequently transferred to her family trust for a meagre amount of Rs 11 lakh in October 2016. CBI submitted to the court that Kochhar was aware it was 'inadequate consideration' as the flat's value was Rs 5.25 crore in 1996. ".Chanda Kochhar accepted / obtained illegal gratification other than legal remuneration of Rs 64 crore as a motive/ reward, and also thereby misappropriated the bank's fund for her own use," the CBI prosecutor told the court on Monday. Earlier this month, CBI had told the court that the ICICI Bank's Board has given sanction to prosecute Kochhar under the Prevention of Corruption Act. It is learnt that while the board gave its go-ahead to prosecute Kochhar, it has said that no wrongful loss was caused to the bank in the loan transaction with Videocon, but considered the Rs 64-crore transaction with a firm linked to her husband while granting the sanction to prosecute her.
