Day after ICICI FIR, Jaitley cautions CBI against adventurism

NEW DELHI: In fairly unprecedented remarks, Union minister Arun Jaitley cautioned the CBI against “investigative adventurism” on Friday, a day after the agency named a string of top bankers in an FIR lodged against former ICICI Bank CEO and MD Chanda Kochhar, her husband Deepak Kochhar and Videocon Group MD Venugopal Dhoot.

“Sitting thousands of kilometres away, when I read the list of potential targets in the ICICI case, the thought that crossed my mind was again the same — Instead of focusing primarily on the target, is a journey to nowhere (or everywhere) being undertaken? If we include the entire who’s who of the banking industry — with or without evidence — what cause are we serving or actually hurting,” Jaitley wrote in a blog.

The minister, currently in the US on medical leave, said that one of the reasons for poor conviction rates is that “adventurism and megalomania” overtake investigators and professionalism takes a back seat.

Jaitley expressed concern over the list of bankers in the FIR apart from the main accused. “There is a fundamental difference between investigative adventurism and professional investigation,” Jaitley said.

On Thursday, the CBI filed a case against the Kochhars and Dhoot for alleged irregularities in six high-value loans worth Rs 1,875 crore. But the CBI FIR also said that the roles of big names, including Sandeep Bakshi, current CEO & MD of ICICI Bank; K V Kamath, chairman of the New Development Bank set up by Brics countries; Sonjoy Chatterjee, chairman of Goldman Sachs India; K Ramkumar, ex-executive director of ICICI Bank; N S Kannan, MD & CEO of ICICI Prudential Life; Zarin Daruwala, CEO of Standard Chartered Bank India; Rajiv Sabharwal, MD & CEO of Tata Capital; and Homi Khusrokhan, ex-board member of ICICI Bank, need to be investigated.

The senior minister, expected to return to the finance portfolio after he comes back, seemed to echo concerns that the list of bankers reads like a fishing expedition that could hurt reputations and cast a cloud on the banking industry, which may also dampen investor sentiment and raise fears of arbitrary police action.

“Investigative adventurism involves casting the net too wide, including people with no mens rea or even having a common intention to commit an offence, relying on presumptions and surmises with no legally admissible evidence,” Jaitley said.

“Adventurism leads to media leaks, ruins reputations and eventually invites strictures and not convictions. In the process, the targets are ruined because of harassment, loss of reputation and financial costs. It costs people their career,” the minister said in a strongly worded comment.

He said professional investigation targets the real accused on the basis of actual and admissible evidences and rules out fanciful presumptions. “There is no personal malice or corruption. It targets the guilty and protects the innocent and secures convictions and furthers public interest.”

“My advice to our investigators — follow the advice of Arjun in the Mahabharat — just concentrate on the bull’s eye,” the minister said.