Dhoot and Kochhar in Cahoots in Multi Crore Fraud
A special court ruled that the former managing director and managing director of ICICI Bank, Chanda Kochhar, had at first sight abused her official position in the company by granting loans to Videocon Industries Ltd for her personal satisfaction.
Chanda Kochhar and her husband Deepak Kochhar were summoned by the court upon learning of the allegations made by the enforcement agency.
The special judge has initiated proceedings against all of the accused in this multi-crore fraud for the offenses committed under Section 4 of the Money Laundering Act.
The court found that Ms. Chanda Kochhar made an illegal profit by granting this loan to the other defendant through her husband, who withdrew money under the name of various companies.
These loans violated the bank’s rules and guidelines and were later written off as bad assets.
This not only caused an improper loss for the bank but also an improper gain for the borrowers, totaling Rs. 1,730 crores were misused following the allegations.
The investigation revealed that the original loan amount managed by VN Dhoot that was transferred to Videocon was immediately transferred through its company SEPL India Ltd. was transferred to a company managed by Mr. Deepak Kochhar.
The committee of inquiry was informed that Mr. VN Dhoot and Deepak Kochhar were the first directors of SEPL India Ltd. are.
Most of the shares in a company called NRPL, owned and operated by VN Dhoot and Deepak Kochhar, have been transferred to SEPL. However, those shares were sold on to Pinnacle Energy, which is managed by Deepak Kochhar.
Despite this close connection, Ms. Chanda Kochhar failed to mention this fact to the Loan Sanctions Committee.
The court decided that there was enough material to proceed against the accused for criminal offenses according to § 3 r / w § 70, which are punishable according to § 4 of the Money Laundering Act.