CBI files preliminary inquiry against Chanda Kochhar's husband, Videocon's chairman
What's the story
The Central Bureau of Investigation (CBI) has ordered a preliminary inquiry into the alleged nexus between Deepak Kochhar (ICICI Bank CEO Chanda Kochhar's husband) and Videocon's chairman Venugopal Dhoot. The inquiry aims to investigate the claims that Venugopal gave Deepak a lucrative business deal in exchange for a Rs. 3,250 crore loan he got from ICICI Bank in 2012. Here's more.
Allegations
Videocon got loans worth Rs. 40,000 crore from 20 banks
In 2010, Venugopal allegedly lent Rs. 64 crore to NuPower Renewables Pvt Ltd, which he set up with Deepak and two others. However, he transferred the company's proprietorship to a trust owned by Deepak for Rs. 9 lakh just six months after he got Rs. 3,250 crore loan from ICICI Bank as part of the Rs. 40,000-crore loan he sourced from about 20 banks.
Details
Chanda Kochhar not named in the preliminary inquiry
However, the preliminary inquiry, which was registered a month ago, doesn't name Chanda. Along with Deepak and Venugopal, it mentions "unknown bank officials", who were a part of the Rs. 40,000 crore consortium. The CBI will decide whether to summon Chanda for interrogation or not after it examines the documents related to the humongous loan given to Venugopal.
Defense
ICICI Bank backs Chanda Kochhar, rules out any unfair play
Chanda's position at ICICI might have been instrumental in the dealings but the bank's top administration has expressed "full faith" in her. It has ruled out any scope of nepotism, favoritism or quid pro quo in its dealings with Videocon. ICICI Bank's chairman MK Sharma said on Thursday that Chanda had kept the board in the know in accordance with regulatory guidelines.