ICIC : Chanda Kochhar Misused Her Position Got 5 Crore Flat In Just 11 Lakh Rupees

Chanda Kochhar Fraud: The more layers of fraud that have rocked the Indian banking sector are revealed, the more the mystery grows. Chanda Kochhar, the former CEO of ICICI Bank (ICICI Bank CEO Chanda Kochhar) used her position to do such feats that even the court was shocked to hear. The CBI investigating the case has told the court that Kochhar used his position to give huge loans to the Videocon group. Not only that, she also got her husband a flat worth Rs 5.5 crore for only Rs 11 lakh.

CBI Special Public Prosecutor A Limousin told the court that in 2016, Kochhar’s trust was given a flat in CCI Chambers, Churchgate by Videocon Group for just Rs 11 lakh. However, at that time the price of this flat was 5.3 crore rupees. Apart from this, Chanda illegally obtained Rs 64 crore for himself by misusing the bank’s funds. Not only this, Chanda Kochhar’s son also bought a flat on the same floor of the same building for Rs 19.11 crore.

11 thousand page charge sheet

The CBI has presented an 11 thousand page charge sheet in the court. In which Chanda Kochhar, her husband Deepak Kochhar, Videocon Group promoter Venugopal Dhoot and others have been made accused. In the charge sheet, the CBI has said that Chanda Kochhar misused her position and gave a huge loan to the Videocon Group despite being ineligible. Kochhar got himself a bonus of Rs 64 crore by misappropriating bank funds.

300 crore loan was distributed

The CBI counsel said that Videocon was given a term loan of Rs 300 crore by ICICI Bank on August 26, 2009. Chanda Kochhar was the head of the bank’s committee formed for the loan. The haste can be gauged from the fact that the loan amount was credited to the company’s account on September 7, 2009. Videocon created several shell companies and transferred 64 crore rupees to Deepak Kochhar’s company by spreading this trap.

Alleged distribution of 1875 crores

The CBI had alleged in a case registered in January 2019 that Chanda Kochhar, being MD and CEO of the bank, had given loans of Rs 1,875 crore to six companies. Later he was paid Rs. 1,730 crores was restructured. Out of this Rs. 1,033 crore loan is still outstanding. In two loans of Rs 300 crore were given to Videocon International Electronics and Rs 750 crore to Videocon Industries. Chanda Kochhar was the head of the committee that approved both of these loans.