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ICICI Bank Rs.1,875 crore fraud update: Chanda Kochhar Challenges Prosecution in High Court


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Chanda Kochhar, former head honcho of ICICI Bank, has contested the bank’s sanctioning of her investigation by the CBI for alleged irregularities in loans to Videocon firms. The CBI claims she authorized over ₹1,875 crore in questionable loans during her tenure.

Kochhar’s lawyer argues the bank itself denies any financial harm from these loans, granted between 2009 and 2011, and insists they followed proper procedures. He contends the investigation stems solely from the CBI’s suspicion of wrongdoing.

The court postponed the hearing until January 5th, allowing the CBI time to respond to Kochhar’s challenge.

The CBI initiated their probe in 2019 and alleges Kochhar’s involvement in approving rupee-term loans (RTLs) to six Videocon companies while serving as CEO and MD. They claim she participated directly in two loan approvals: ₹300 crore to Videocon International Electronics and ₹750 crore to Videocon Industries.

Despite restructuring, the outstanding loan amount stood at ₹1,033 crore when the CBI filed a corruption case against Kochhar and her husband in 2019. Additionally, the agency accuses them of receiving a ₹64 crore kickback and a Mumbai flat in exchange for favoring Videocon.

The CBI highlights the suspicious purchase of a Churchgate flat by Kochhar’s family. While her son bought a similar flat for nearly ₹19 crore in 2021, they acquired theirs in 2016 for a mere ₹11 lakh.

Following their arrest in December 2022, the courts released Kochhar and her husband on bail due to procedural issues. The CBI subsequently filed chargesheets in March and June of 2023, the latter incorporating the bank’s recent sanction for their prosecution.

The court case promises a high-profile legal battle as Kochhar, once a celebrated banking leader, fights back against accusations of financial misconduct.

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