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BANKING

Kochhar and her husband Deepak case of criminal conspiracy and fraud four locations in Mumbai and Aurang-
Kochhar were cahoots with Videocon against Chanda Kochhar, her husband abad, including the offices of Videocon
group chief, Venugopal Dhoot. Ironical- Deepak Kochhar, and Videocon Group Group, Nupower Renewables Limited
ly, however, the premier investigation head Venugopal Dhoot on January 22, (NRL) and Supreme Energy Private
agency had already almost decided to 2019. The FIR has been registered 13 Limited (SEPL). The FIR was filed after
close the case against the three prime months after it started an investigation CBI said its preliminary enquiry found
accused and others. The CBI is already into alleged irregularities in loans sanc- enough evidence of a quid pro quo.
under the suspicion of radar with its tioned to the Videocon Group compa- According to FIR as a part of quid pro
former chief and his deputy accus- nies during the period 2009 to 2012 in quo, VN Dhoot made an investment of
ing each other of corruption. Sources alleged violation of rules, causing a loss Rs 64 crore in Nupower Renewables
revealed that deputy inspector gen- of 1,730 crore to the bank. The total Ltd (NRL) through Supreme Energy
eral Jasbir Singh and Superintendent of loan sanctioned was 3250 crore. The Private Limited (SEPL) and also trans-
Police Sudhanshu Mishra, who were FIR, registered under the Prevention of ferred SEPL to Pinnacle Energy Trust
part of the investigation, had almost Corruption Act, was based on a Prelimi- managed by Deepak Kochhar through
agreed on the recommendation made nary Inquiry by the CBI in December a circuitous route between 2010 and
by investigating officer DJ Bajpei in 2017. 2012.
December last year that there was lim- Among those named in the FIR are
ited evidence against the Kochhars. Deepak Kochhar’s company NRL, Vide-
The CBI is also conducting an internal Jaitley has cautioned ocon International Electronics Limited
inquiry into the suspected role of (VIEL), Videocon Industries Limited
Superintendent of Police Sudhanshu if CBI includes the (VIL) and SEPL. Sources said that the
Dhar Mishra in the alleged delay in who’s who of the role of K.V. Kamath, currently the bank’s
probing the high profile case. Sources non-executive chairman, Sandeep Bak-
disclosed that there was a strong sus- banking sector, shi, who replaced Chanda Kochhar may
picion that he might leak information without adequate also be investigated.
about the ensuing searches. According to the FIR, NRL was incor-
The acting CBI director M Nag- evidence, it is bound porated in December 2008 and Deepak
eswara Rao has reversed the initial to hurt an industry Kochhar, Venugopal Dhoot and one
recommendation and ordered filing Saurabh Dhoot were its directors. The
a first information report (FIR) in the which has been Dhoots resigned in January 2009, fur-
3,250-crore Videocon loan case. The ther strengthening the suspicion that
CBI sleuths have also recommended showing signs of an the amount transferred in Kochhar’s
that the role of other senior ICICI Bank upswing, while not company was meant only for Kochhar.
officials, Sandeep Bakshi, K Ramkumar, Dhoot resigned as a director in January
Sonjoy Chatterjee, Zarin Daruwala, serving any purpose 2009 and transferred the company’s
Rajiv Sabharwal, KV Kamath and Homi control to Deepak Kochhar by offload-
Khusrokhan, be looked into. The names As per preliminary inquiry, six high- ing his shares in favour of Pinnacle
include those of some of the bank’s value loans were sanctioned to various Energy Trust.
directors (including non-executive companies under the Videocon Group According to FIR this was “illegal
directors). Some of the names are of from June 2009 to October 2011. The gratification/undue benefit” given by
people who were on the bank’s credit modus operandi was that a loan was Dhoot to Kochhars. The transfer of
committee, which signed off on the sanctioned to Videocon Industries for 1,997,500 warrants to Deepak Koch-
3,250 crore loan to Videocon in 2012. refinancing its existing loans. The credit har at the rate of 10 per warrant on
Daruwala has left the bank and is limits in question were sanctioned an initial payment of Re 1 per warrant
now the CEO of Standard Chartered after Chanda Kochhar took charge of by Venugopal Dhoot to Kochhar were
Bank’s Indian operations. Kamath is ICICI Bank as MD and CEO in May 2009. clearly a part of gratification for favours.
now head of the BRICS bank. Chatterjee As on April 26, 2012, the outstanding On June 5, 2009, an equal amount of
too has left the bank and is the CEO of against six loan accounts were adjusted shares of NRL held by VN Dhoot and
Goldman Sachs India. Khusrokhan is as another term loan of 1,730 crore Deepak Kochhar was transferred to
an independent director on the board sanctioned under refinance of domes- SEPL, which then became 95 per cent
of the bank. Sabharwal has also left the tic debt. As per the plan to defraud, the shareholder of NRL. All this proved quid
bank and is now the CEO of Tata Capital. account of Videocon and its group com- pro quo and proved to be last nail in the
Bakshi took over as CEO and MD of the panies were declared non-performing coffin of Kochhars.
bank after Chanda Kochhar resigned. assets in June 2017.
Subsequently, the CBI registered a The CBI has conducted searches at LETTERS@TEHELKA.COM

TEHELKA / 15 FEBRUARY 2019 53 WWW.TEHELKA.COM

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