ICICI Bank-Videocon Case: Chanda Kochhar Reportedly Paid Tax For Family Trust During CBI Probe
The Central Bureau of Investigation (CBI) presented its arguments in the special CBI court regarding the case against former ICICI Bank chief Chanda Kochhar and her husband Deepak, according to a media report. The CBI stated that Deepak Kochhar 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 involved in the case.
The CBI had approached the Bombay High Court to consider its chargesheet, alleging that Chanda Kochhar misappropriated the bank's funds for personal use and received Rs 64 crore as illegal gratification. The probe agency claimed that the amount was transferred through a complex structure involving various companies of Videocon as an investment in NuPower Renewable Limited, owned by Deepak Kochhar.
Chanda Kochhar, Deepak Kochhar, and Videocon Group's promoter, V N Dhoot, have been charged in a loan fraud case amounting to Rs 3,250 crore. The CBI revealed that the trust held by Kochhar acquired a flat from Videocon group for Rs 11 lakh, despite its value being Rs 5.3 crore at the time. Additionally, their son purchased another flat in the same building for Rs 19.11 crore in November 2021.
In 2009, ICICI Bank, headed by Chanda Kochhar, sanctioned a Rupee Term Loan (RTL) of Rs 300 crore to Videocon International Electronics Limited. The CBI prosecutor stated that Videocon transferred Rs 64 crore to Deepak Kochhar's company, M/s NuPower Renewable Ltd (NRL), through a network of companies.
The CBI also mentioned that Kochhar approved two loans: Rs 300 crore RTL to M/s Videocon International Electronics and Rs 750 crore RTL to M/s Videocon Industries. Of the Rs 300 crore sanctioned to Videocon International Electronics, Rs 64 crore was transferred to Deepak Kochhar's company a day after the loan disbursal.
The CBI further revealed that the bank released security in the form of a fixed deposit of Rs 50 crore in the accounts of other group entities, M/s Sky Appliance and M/s Techno Electronic without any valid justification.
