Chanda Kochhar, Deepak Kochhar produced before special court

In connection with the alleged ICICI Bank-Videocon, money laundering case former Managing Director (MD) and Chief Executive Officer (CEO) of the ICICI bank Chanda Kochhar and her husband Deepak Kochhar were produced before a Special Court.

They were produced before a special court of the Central Bureau of Investigation (CBI) for carrying forward remand proceedings.

Meanwhile, as per the First Investigation Report registered with them on Friday CBI arrested the couple.

“Accused 4 was MD and CEO of ICICI in 2009 and the fifth one is her husband,” the lawyer said.

Moreover, six loans were sanctioned to Videocon after Chanda Kochhar became the MD and CEO of the ICICI bank.

“The loan amount of Rs 1,800 crore has been given to the company,” the CBI lawyer said.

“We are filing an application to invoke IPC section 409 also in this case. We had already given a notice to both the accused under section 41 of the CrPC, but since they did not cooperate so we arrested them,” the CBI lawyer said.

The CBI lawyer argued, “They came yesterday (December 23) and due to non-cooperation, they were arrested. To confront them with the spam evidence and documents of the case we should be given three days’ custody of both the accused.”

However, the advocate of the Kochhars, Amit Desai said, FIR also included industrialist Venugopal Dhoot of the Videocon Group.

“Years after the FIR was registered against them, none of the Kochhars were called for joining the investigation and then they suddenly sent notice for December 15 which was changed to yesterday only with the approval of the CBI,” Desai said.

“If there was no need for investigation till January 2019, why have they been arrested now?” Desai asked.

Furthermore, in 2012 the agency said that the loans were declared non-performing assets which caused a loss of Rs 1,730 crore to the bank.

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