Chanda Kochhar, the former CEO of ICICI Bank, and her husband Deepak Kochhar were arrested by the CBI on Friday in connection with alleged irregularities in a loan of more than Rs 3,000 crore given to the Videocon Group while she was the head of the private sector bank. The allegation that Chanda Kochhar, 59, had favoured Videocon Group, a consumer electronics and oil and gas exploration company, led to her resignation as CEO and managing director of ICICI Bank in October 2018. A year after that, ICICI said that it would classify&nbsp;Kochhar's departure as "termination for cause," claiming that she had violated&nbsp;the bank's code of conduct and standards.

The CBI has charged her of criminal conspiracy and fraud about suspected irregularities in a loan of Rs 3,250 crore granted to the Videocon Group in 2012, which resulted in the asset becoming a non-performing one for the ICICI Bank.

Deepak Kochhar and other members of her family, according to a whistleblower, allegedly profited from those&nbsp;transactions.

A few months later, Videocon group received a loan from the bank, the case's accusations state that former Videocon chairman Venugopal Dhoot spent millions of rupees in NuPower Renewables, a business started by Kochhar.

The loan was sanctioned by a committee of which&nbsp;Kochhar was a member, alleges the CBI. The agency says she misused&nbsp;her official position and "got illegal gratification/undue benefit through her husband from Dhoot for sanctioning&nbsp;₹&nbsp;3000 crore to Videocon."

"I reiterate that none of the credit decisions at the bank are unilateral ... the organisation design and structure obviate the possibility of conflict of interest," she had said in a statement.

(With inputs from agencies)

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Chanda Kochhar, the former CEO of ICICI Bank, and her husband Deepak Kochhar were arrested by the CBI on Friday in connection with alleged irregularities in a loan of more than Rs 3,000 crore given to the Videocon Group while she was the head of the private sector bank.

Chanda Kochhar, the former CEO of ICICI Bank, and her husband Deepak Kochhar were arrested by the CBI on Friday in connection with alleged irregularities in a loan of more than Rs 3,000 crore given to the Videocon Group while she was the head of the private sector bank. The allegation that Chanda Kochhar, 59, had favoured Videocon Group, a consumer electronics and oil and gas exploration company, led to her resignation as CEO and managing director of ICICI Bank in October 2018. A year after that, ICICI said that it would classify Kochhar's departure as "termination for cause," claiming that she had violated the bank's code of conduct and standards. The CBI has charged her of criminal conspiracy and fraud about suspected irregularities in a loan of Rs 3,250 crore granted to the Videocon Group in 2012, which resulted in the asset becoming a non-performing one for the ICICI Bank. Deepak Kochhar and other members of her family, according to a whistleblower, allegedly profited from those transactions. A few months later, Videocon group received a loan from the bank, the case's accusations state that former Videocon chairman Venugopal Dhoot spent millions of rupees in NuPower Renewables, a business started by Kochhar. The loan was sanctioned by a committee of which Kochhar was a member, alleges the CBI. The agency says she misused her official position and "got illegal gratification/undue benefit through her husband from Dhoot for sanctioning ₹ 3000 crore to Videocon." "I reiterate that none of the credit decisions at the bank are unilateral ... the organisation design and structure obviate the possibility of conflict of interest," she had said in a statement. (With inputs from agencies) WATCH WION LIVE HERE:

Ex-ICICI Bank CEO Chanda Kochhar, husband arrested by CBI in Videocon loan fraud case

The<a href="http://www.wionews.com/india-news/cbi-conducts-raids-in-videocon-icici-bank-loan-case-registers-case-against-chanda-kochhar-192470"> CBI officer-in-charge</a> who lodged FIR in the alleged irregularities pertaining to the sanctioning of loans by<a href="http://www.wionews.com/india-news/icici-bank-shares-surge-6-chanda-kochhar-quits-169384"> the ICICI bank</a> has been transferred out.

The development took place a day after CBI booked former MD and CEO of ICICI Bank Chanda Kochhar, her husband and others in the case.

Sudhanshu Dhar Mishra, who was Superintendent of Police (SP) of Banking and Securities Fraud Cell of CBI, Delhi, was transferred to CBI’s Economic Offences Branch in Ranchi, Jharkhand.

He had signed FIR against Chanda Kochhar, Deepak Kochhar, Venugopal Dhoot and others on January 22 in connection with ICICI-Videocon case.

On January 24, CBI booked former Chanda Kochhar, her businessman husband Deepak Kochhar and Videocon MD Venugopal Dhoot in a case of alleged irregularities in the sanctioning of loans by the ICICI bank.

Kochhar had quit the ICICI on October 4 last year in the wake of allegations that she had favoured Videocon in the lending processes because the consumer electronics company`s founders had invested in a company of her husband Deepak Kochhar.

The CBI filed cases against the three along with some others after conducting raids at four premises in Maharashtra, the investigating agency had said.

The preliminary enquiry apparently showed that from June 2009 to October 2011, ICICI Bank had allegedly sanctioned six high-value loans to various Videocon Group companies, CBI sources said.

Chanda Kochhar had taken over the post of the Managing Director of the ICICI Bank on May 1, 2009. The companies M/S Nupower Renewables Limited (NRL) and M/S Supreme Energy Private Limited (SEPL) have also been named in the case registered by CBI.

It is alleged that SEPL was initially incorporated by Dhoot and his associate Vasant Kakade and the ownership of the company was later transferred to Deepak Kochhar by selling the shares of the company to Pinnacle Energy Trust (PET) which was owned by Kochhar.

It was also alleged that Dhoot had invested a large amount of funds in Deepak Kochhar-owned Nupower months after the Videocon group received Rs 3,250 crore as loan from the ICICI Bank in 2012.

The CBI officer-in-charge who lodged FIR in the alleged irregularities pertaining to the sanctioning of loans by the ICICI bank has been transferred out. The development took place a day after CBI booked former MD and CEO of ICICI Bank Chanda Kochhar, her husband and others in the case.

The CBI officer-in-charge who lodged FIR in the alleged irregularities pertaining to the sanctioning of loans by the ICICI bank has been transferred out. The development took place a day after CBI booked former MD and CEO of ICICI Bank Chanda Kochhar, her husband and others in the case. Sudhanshu Dhar Mishra, who was Superintendent of Police (SP) of Banking and Securities Fraud Cell of CBI, Delhi, was transferred to CBI’s Economic Offences Branch in Ranchi, Jharkhand. He had signed FIR against Chanda Kochhar, Deepak Kochhar, Venugopal Dhoot and others on January 22 in connection with ICICI-Videocon case. On January 24, CBI booked former Chanda Kochhar, her businessman husband Deepak Kochhar and Videocon MD Venugopal Dhoot in a case of alleged irregularities in the sanctioning of loans by the ICICI bank. Kochhar had quit the ICICI on October 4 last year in the wake of allegations that she had favoured Videocon in the lending processes because the consumer electronics company`s founders had invested in a company of her husband Deepak Kochhar. The CBI filed cases against the three along with some others after conducting raids at four premises in Maharashtra, the investigating agency had said. The preliminary enquiry apparently showed that from June 2009 to October 2011, ICICI Bank had allegedly sanctioned six high-value loans to various Videocon Group companies, CBI sources said. Chanda Kochhar had taken over the post of the Managing Director of the ICICI Bank on May 1, 2009. The companies M/S Nupower Renewables Limited (NRL) and M/S Supreme Energy Private Limited (SEPL) have also been named in the case registered by CBI. It is alleged that SEPL was initially incorporated by Dhoot and his associate Vasant Kakade and the ownership of the company was later transferred to Deepak Kochhar by selling the shares of the company to Pinnacle Energy Trust (PET) which was owned by Kochhar. It was also alleged that Dhoot had invested a large amount of funds in Deepak Kochhar-owned Nupower months after the Videocon group received Rs 3,250 crore as loan from the ICICI Bank in 2012.

ICICI-Videocon loan case: CBI officer who lodged FIR against Chanda Kochhar transferred

The Enforcement Directorate Friday moved a special court here to get the owners of Gujarat-based Sterling Biotech group, charged in an alleged Rs 8,100-crore bank loan fraud case, declared fugitive economic offenders under a new law, officials said.

They said the central agency has filed a plea before a special court of the Prevention of Money Laundering Act (PMLA), seeking to declare Nitin Sandesara, Chetan Sandesara, Dipti Sandesara and Hitesh Patel fugitives under Section 4 of the Fugitive Economic Offenders Act, brought by the Modi government this year to check cases of large bank frauds and similar crimes.

"All the four are promoters of the Sterling Group and have fled the country to avoid criminal probe against them in a Rs 8,100-crore bank loan fraud involving a consortium of banks," a senior official said.

The agency has also sought confiscation of the assets worth over Rs 5,000 crore of the Vadodara-based business family as part of the action under the fugitive law.

The agency has filed a fresh chargesheet in this case, under the PMLA, early this week and had charged the Sandesaras and others with money laundering and siphoning bank loans.

While the Sandesaras are reported to be based in Nigeria, Patel is said to be in the US.

The agency will also move for their extradition soon, they said.

The ED had made similar pleas, under the new fugitive law, against Vijay Mallya and diamond jewellers Nirav Modi and Mehul Choksi in separate bank loan money laundering probes.

The Enforcement Directorate Friday moved a special court here to get the owners of Gujarat-based Sterling Biotech group, charged in an alleged Rs 8,100-crore bank loan fraud case, declared fugitive economic offenders under a new law, officials said.

The Enforcement Directorate Friday moved a special court here to get the owners of Gujarat-based Sterling Biotech group, charged in an alleged Rs 8,100-crore bank loan fraud case, declared fugitive economic offenders under a new law, officials said. They said the central agency has filed a plea before a special court of the Prevention of Money Laundering Act (PMLA), seeking to declare Nitin Sandesara, Chetan Sandesara, Dipti Sandesara and Hitesh Patel fugitives under Section 4 of the Fugitive Economic Offenders Act, brought by the Modi government this year to check cases of large bank frauds and similar crimes. "All the four are promoters of the Sterling Group and have fled the country to avoid criminal probe against them in a Rs 8,100-crore bank loan fraud involving a consortium of banks," a senior official said. The agency has also sought confiscation of the assets worth over Rs 5,000 crore of the Vadodara-based business family as part of the action under the fugitive law. The agency has filed a fresh chargesheet in this case, under the PMLA, early this week and had charged the Sandesaras and others with money laundering and siphoning bank loans. While the Sandesaras are reported to be based in Nigeria, Patel is said to be in the US. The agency will also move for their extradition soon, they said. The ED had made similar pleas, under the new fugitive law, against Vijay Mallya and diamond jewellers Nirav Modi and Mehul Choksi in separate bank loan money laundering probes.

Rs 8,100 crore bank loan fraud: ED moves court against Sterling Biotech group promoters

The CBI has registered a case of alleged loan fraud of Rs 824.15 crore committed by Chennai-based Kanishk Gold Pvt Ltd on a consortium of 14 banks led by the SBI and carried out searches today, officials said.

The case has been registered by the Central Bureau of Investigation (CBI) on a complaint from the State Bank of India (SBI) on behalf of the 14-bank consortium, they said.

The agency has booked the company Kanishk Gold Pvt Ltd, its promoter Director Bhoopesh Kumar Jain, Director Neeta Jain, Tejraj Achha, Ajay Kumar Jain and Sumit Kedia besides unidentified public servants.

The CBI carried out searches at the official and residential premises of promoters of Kanishk Gold Pvt Ltd as it launched probe in the Rs 824-crore loan fraud case, the officials said.

The company engaged in manufacturing gold jewellery which was marketed under the brand name &#39;Krizz&#39; which were sold through distributors till 2014. But in 2015 it changed its business model to B2B (business-to-business) and started supplying to large retail jewellers, the SBI said in the complaint to the CBI.

The loan accounts of the company were taken over by the SBI from the ICICI in 2008, while its banking arrangement was converted into a multiple banking system in March 2011, it said.

The SBI alleged that the &quot;fraud&quot; is to the tune of Rs 824.15 crore, but the security available with it to cover the &quot;loss&quot; is only around Rs 156.65 crore.

CBI officials said the complaint has been received and the agency was in touch with the bank because of certain loopholes in the complaint which were to be rectified by the bank.

The complaint from the SBI came in public domain before the agency could complete its searches raising fears in the CBI that it may not be able to grab hold of crucial documentary evidence, sources said.

They said &quot;some vested interests&quot; may have leaked the complaint but it is trying hard to do as much damage control as possible.

The bank has alleged that the company had &quot;misrepresented and falsified&quot; the records and financial statements of the company to show a &quot;rosy picture&quot; since 2009 to avail credit facilities from it.

Kanishk Gold Pvt Ltd and its directors allegedly diverted the funds detrimental to the rights and interests of the bank, it said.

The company&#39;s account was declared fraud and non-performing asset (NPA) in 2017-18 by various lending banks, it alleged.&nbsp; 
&nbsp;

The CBI carried out searches at the official and residential premises of promoters of Kanishk Gold Pvt Ltd

The CBI has registered a case of alleged loan fraud of Rs 824.15 crore committed by Chennai-based Kanishk Gold Pvt Ltd on a consortium of 14 banks led by the SBI and carried out searches today, officials said. The case has been registered by the Central Bureau of Investigation (CBI) on a complaint from the State Bank of India (SBI) on behalf of the 14-bank consortium, they said. The agency has booked the company Kanishk Gold Pvt Ltd, its promoter Director Bhoopesh Kumar Jain, Director Neeta Jain, Tejraj Achha, Ajay Kumar Jain and Sumit Kedia besides unidentified public servants. The CBI carried out searches at the official and residential premises of promoters of Kanishk Gold Pvt Ltd as it launched probe in the Rs 824-crore loan fraud case, the officials said. The company engaged in manufacturing gold jewellery which was marketed under the brand name 'Krizz' which were sold through distributors till 2014. But in 2015 it changed its business model to B2B (business-to-business) and started supplying to large retail jewellers, the SBI said in the complaint to the CBI. The loan accounts of the company were taken over by the SBI from the ICICI in 2008, while its banking arrangement was converted into a multiple banking system in March 2011, it said. The SBI alleged that the "fraud" is to the tune of Rs 824.15 crore, but the security available with it to cover the "loss" is only around Rs 156.65 crore. CBI officials said the complaint has been received and the agency was in touch with the bank because of certain loopholes in the complaint which were to be rectified by the bank. The complaint from the SBI came in public domain before the agency could complete its searches raising fears in the CBI that it may not be able to grab hold of crucial documentary evidence, sources said. They said "some vested interests" may have leaked the complaint but it is trying hard to do as much damage control as possible. The bank has alleged that the company had "misrepresented and falsified" the records and financial statements of the company to show a "rosy picture" since 2009 to avail credit facilities from it. Kanishk Gold Pvt Ltd and its directors allegedly diverted the funds detrimental to the rights and interests of the bank, it said. The company's account was declared fraud and non-performing asset (NPA) in 2017-18 by various lending banks, it alleged.

CBI registers FIR in Rs 824-crore 'loan fraud' by Kanishk Gold; carries out searches

Rotomac Pens owner <a href="http://www.wionews.com/india-news/amid-reports-he-has-fled-country-rotomacs-vikram-kothari-seen-at-wedding-in-kanpur-33317" target="_blank">Vikram Kothari</a>`s lawyer Sharad Kumar Birla on Monday rejected reports of<a href="http://www.wionews.com/india-news/now-rotomac-pens-rs-800-crore-defaulter-flees-country-33284" target="_blank"> fraud committed by his client</a>, adding that it was a case of loan default.

&quot;My client had borrowed a sum of Rs. 800 crore as a loan for business purpose. The ongoing case involves no fraud; it is a case of loan default. I am yet to be given complete details of the matter at present,&quot; Birla told reporters.

On Sunday, reports surfaced that Kothari was allegedly `missing` from Kanpur in possession of a bank loan worth Rs. 837 crore.

Kothari had taken a loan worth Rs. 352 crore from the Kanpur branch of Allahabad Bank and Rs. 485 crore from three other banks, namely Bank of Baroda, Indian Overseas Bank, and Union Bank of India.

Earlier, the Central Bureau of Investigation (CBI) filed a case against Kothari and others and carried out <a href="http://www.wionews.com/india-news/kanpur-cbi-raids-properties-of-rotomac-owner-vikram-kothari-interrogation-underway-33326" target="_blank">raids in his residence in Kanpur</a> and three other locations.

Furthermore, Kothari, along with his wife and son was interrogated by the CBI.Meanwhile, Kothari on February 16 had said that he would not run away from the country and had not done anything wrong.

'My client had borrowed a sum of Rs. 800 crore as a loan for business purpose. The ongoing case involves no fraud; it is a case of loan default. I am yet to be given complete details of the matter at present,' Vikram Kothari's lawyer Sharad Kumar Birla told reporters

Rotomac Pens owner Vikram Kothari`s lawyer Sharad Kumar Birla on Monday rejected reports of fraud committed by his client, adding that it was a case of loan default. "My client had borrowed a sum of Rs. 800 crore as a loan for business purpose. The ongoing case involves no fraud; it is a case of loan default. I am yet to be given complete details of the matter at present," Birla told reporters. On Sunday, reports surfaced that Kothari was allegedly `missing` from Kanpur in possession of a bank loan worth Rs. 837 crore. Kothari had taken a loan worth Rs. 352 crore from the Kanpur branch of Allahabad Bank and Rs. 485 crore from three other banks, namely Bank of Baroda, Indian Overseas Bank, and Union Bank of India. Earlier, the Central Bureau of Investigation (CBI) filed a case against Kothari and others and carried out raids in his residence in Kanpur and three other locations. Furthermore, Kothari, along with his wife and son was interrogated by the CBI.Meanwhile, Kothari on February 16 had said that he would not run away from the country and had not done anything wrong.

Case of loan default, not fraud: Vikram Kothari's lawyer

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