CBI probe into Videocon loan case began much before PNB scam broke out

NEW DELHI: The Central Bureau of Investigation, which first received a complaint into the affairs of Chanda Kochhar from a whistleblower Arvind Gupta in October 2016, had initiated an enquiry on December 8, 2017 itself, almost two months before the Punjab National Bank scam involving Nirav Modi and Mehul Choksi broke out.

It turns out that CBI chose to keep it under the wraps as during a preliminary enquiry, although it can question suspects or collect documents, it cannot conduct raids. Also, only her husband Deepak Kochhar and Videocon MD Venugopal Dhoot were named in the PE and CBI wanted to be sure about her role.

Only after the allegations came out in public domain on March 31, 2018, when TOI reported the registration of enquiry, the ICICI Bank issued statements backing Kochhar. With Kochhar still at the helm of affairs at the private sector bank, ICICI claimed that it reposes “full faith” in her and there is no question or scope of any favoritism, nepotism or quid pro quo in the lender’s loans to Videocon Industries.

However, when CBI further collected documents from the ICICI Bank and questioned several bank executives, it found the allegations to be true.

CBI also examined a close aide of Venugopal Dhoot – Mahesh Chandra Punglia, Kochhar’s brother in law Rajiv Kochhar to establish the charges related to transfer of Videocon companies to Deepak Kochhar and alleged Rs 64 crore bribe.

CBI sources said that Dhoot transferring his shares in two companies NuPower Renewables and Supreme Energy in favour of Deepak Kochhar eight months before Rs 300 crore loan was reimbursed and six high value loans approved within a short period of Chanda Kochhar taking over ICICI Bank shows that “there was a pre-planned conspiracy to benefit each other”.

Agency says it has documentary evidence to show the transfers and minutes of meeting of loan sanctioning committees, which prove that all the rules were violated.