CBI tells special court that Chanda Kochhar misused ICICI Bank's funds for personal use
Ex-ICICI CEO, Chanda kochhar (File photo)
India's Central Bureau of Investigation (CBI) told a special court on Monday that the former ICICI Bank CEO and MD Chanda Kochhar misused the lender's funds for personal use in a case about cheating and irregularities in sanctioning loans.
According to the crime investigating agency, Chanda Kochhar bought a very expensive apartment for merely around $13,418and also got over $7 million as "illegal gratification".
CBI wrote in its chargesheet that loans were also granted by Kochhar to ineligible Videocon Group firms and according to the prosecutor, she accepted a $64 million gratuity.
The chargesheet also said that the family benefited from the transfer of a flat in Mumbai's Churchgate area, which was apparently owned by Videocon.
The argument was made in the special court by the agency, which was represented by special public prosecutor A Limosin. As per the reports, the prosecutor aimed at urging the court to take cognisance of the chargesheet filed against Chanda Kochhar, her husband Deepak Kochhar and others in a case.
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The CBI told the court that Chanda Kochhar was in office between May 2009 and January 2019 and during that period of time, she had the authority over the bank's funds.
The CBI argued that Chanda Kochhar was liable to discharge such trust following Reserve Bank of India guidelines and loan policies of ICICI Bank.
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The government agency also said that she conspired with the other accused persons to sanction or get sanctioned credit facilities in favour of companies of the Videocon group.
Chanda Kochhar resigned from her position in 2018 and later she was fired by ICICI Bank.The decision was even upheld by the Supreme Court of India.
She has been accused of money laundering charges and was arrested by the CBI in December 2022in a case linked to alleged loan fraud charges. The case was filed in 2019 for giving high-value loans to Videocon with conspiracy in 2009.
(With inputs from agencies)
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