The Central Bureau of Investigation (CBI) has registered a preliminary enquiry (PE) into the alleged connection between ICICI Bank MD and CEO Chanda Kochhar's husband Deepak Kochhar and Videocon group chairman Venugopal Dhoot. Sources said the PE will seek to ascertain the veracity of the allegations that Dhoot provided millions of rupees to a firm promoted by Deepak Kochhar and two relatives six months after Videocon group got £35 million as loan from ICICI Bank in 2012. The amount was part of the £4 billion loan Videocon group secured from a consortium of 20 banks led by SBI.
It is reported that Dhoot gave £6.4 million in 2010 through a fully owned entity to NuPower Renewables Pvt Ltd (NRPL) he had set up with Deepak Kochhar and two of his relatives. It is also alleged that he transferred proprietorship of the company to a trust owned by Deepak Kochhar for Rs 9,00,000 six months after he received the loan from ICICI Bank. Sources clarified that Chanda Kochhar's name was not mentioned in the PE, which was registered a month ago, however, it does mention “unknown bank officials”. A preliminary inquiry is the first step to investigate an alleged act of corruption or fraud.
The CBI collects material as part of the procedure, to determine if there is prima facie criminality requiring the registration of an FIR. It will be closed if investigators conclude there is not enough basis to register a regular case. Sources said Deepak and Dhoot, along with unnamed officials of the ICICI and other banks who constituted the consortium, will be called for examination soon. They added that a decision on whether to call Chanda will be taken after examination of documents.
