New Delhi: The Central Bureau of Investigation (CBI) on Saturday acquired a three-day remand of former Managing Director and Chief Govt Officer of the ICICI financial institution Chanda Kochhar and her husband Deepak Kochhar.
The CBI arrested the couple on Friday in reference to the alleged ICICI Financial institution-Videocon cash laundering case. The CBI lawyer within the court docket mentioned that they’ve arrested accused quantity 4 and 5, as per the First Investigation Report registered with them.
“Accused 4 was MD and CEO of ICICI in 2009 and the fifth one is her husband,” the lawyer mentioned.
He mentioned that after Chanda Kochhar turned the MD and CEO of the financial institution, six loans had been sanctioned to Videocon and its subsidiary corporations and Chanda was part of the committees that sanctioned two of the loans.
“The mortgage quantity of Rs 1,800 crore has been given to the corporate,” the CBI lawyer added mentioning that one other mortgage of quantity Rs 300 crore was given to an organization whose half was Deepak Kochhar.
“We’re submitting an utility to invoke IPC part 409 additionally on this case. We had already given a discover to each the accused beneath part 41 of the CrPC, however since they didn’t cooperate so we arrested them,” he mentioned underscoring that that they had despatched a discover to the couple to seem earlier than it on December 15 however they mentioned they would seem 4 days later and didn’t come on December 19 as nicely.
“They got here yesterday (December 23) and because of non-cooperation, they had been arrested. To confront them with the spam proof and paperwork of the case we must be given three days’ custody of each the accused,” the CBI lawyer argued.
In the meantime, the advocate of the Kochhars, Amit Desai argued, emphasising that the registered FIR additionally included industrialist Venugopal Dhoot of the Videocon Group.
He mentioned: “Years after the FIR was registered towards them, not one of the Kochhars had been known as for becoming a member of the investigation after which they abruptly despatched discover for December 15 which was modified to yesterday solely with the approval of the CBI.”
“If there was no want for investigation until January 2019, why have they been arrested now?” he requested.
The case is said to the alleged irregularities and corrupt practices within the sanction of a Rs 1,875 crore mortgage disbursed by ICICI Financial institution to the Videocon Group throughout 2009 and 2011.
Throughout its preliminary enquiry, the CBI discovered six loans value Rs 1,875 crore had been sanctioned to the Videocon Group and corporations related to it between June 2009 and October 2011 in an alleged violation of laid-down insurance policies of ICICI Financial institution, that are a part of the probe.
The company has mentioned that the loans had been declared non-performing property in 2012, inflicting a lack of Rs 1,730 crore to the financial institution.