Former ICICI CEO Chanda Kochhar Bought Rs 5.3 Crore Mumbai Flat For Rs 11 Lakh, Says CBI – News18

The Central Bureau of Investigation (CBI) has alleged that former ICICI Bank CEO Chanda Kochhar purchased a luxurious apartment worth crores for a significantly lower price of Rs 11 lakhs and received Rs 64 crores as illegal gratification. These allegations surfaced during the ongoing court hearing in the ICICI Bank loan fraud case.

Chanda Kochhar allegedly received a flat from Videocon Group in 2016. The market value of the flat in CCI Chambers in Mumbai’s Churchgate was Rs 5.3 crore in the year 1996. However, it was transferred to Kochhar’s family trust for only Rs 11 lakh in October 2016.

Earlier this year, the Central Bureau of Investigation (CBI) filed an extensive chargesheet of over 11,000 pages. Kochhar, her husband Deepak, and V N Dhoot, the promoter of Videocon Group, are among those mentioned in the chargesheet. The case primarily focuses on accusations of cheating and misconduct related to the sanctioning of loans to companies associated with the Videocon Group.

CBI alleges that Chanda Kochhar and others conspired to approve credit facilities for Videocon Group companies. In August 2009, a committee led by Kochhar sanctioned a Rs 300 crore term loan to Videocon International Electronics Limited. The loan was disbursed through a complex network involving multiple Videocon entities, and Rs 64 crore was transferred to Deepak Kochhar’s NuPower Renewable Limited as an investment.

Last year, the CBI arrested the Kochhars, but they were subsequently granted interim bail by the Bombay High Court. The investigative agency asserts that ICICI Bank approved credit facilities amounting to Rs 3,250 crores for companies affiliated with Videocon Group, promoted by Dhoot. These approvals are alleged to have violated the Banking Regulation Act, RBI guidelines, and the credit policy of the bank.

In a case registered in January 2019, CBI alleged that Chanda Kochhar, during her tenure as MD and CEO of the bank, approved loans of Rs 1,875 crore to six firms. Later, the loan amount was restructured to Rs 1,730 crore, with a balance of Rs 1,033 crore remaining. Notably, two loans of Rs 300 crore and Rs 750 crore were granted to Videocon International Electronics and Videocon Industries.