MUMBAI: A remand plea submitted by CBI special public prosecutor A Limosin on Wednesday seeking further custody of V N Dhoot, Chanda Kochhar and Deepak Kochhar said the agency wanted to confront the trio with each other’s versions to verify the facts of the corruption case.
The plea alleged that two firms formed between 2008 and 2009 were used as part of a quid pro quo arrangement between Chanda Kochhar and Dhoot. Videocon chairman Dhoot transferred his holdings in the two companies to Deepak Kochhar, just before Chanda Kochhar became head of ICICI Bank. ICICI Bank subsequently sanctioned Rs 1,700 crore worth loans to Videocon Group, most of which turned into NPAs.
CBI produced the three arrested accused before a court requesting further custody of two days. CBI told the court that they wanted to interrogate the three accused to unearth a criminal conspiracy with other unknown public servants and private individuals. The court extended CBI custody till Thursday.
Opposing the extension in remand, advocate Kushal Mor who represented the Kochhars had submitted that there had been no change in grounds for seeking further custody. He said there must be some progress in investigations to seek further custody. Mor also argued that the arrest was a violation of law and illegal as sanction was not sought. He also submitted that any subsequent action will not make it legal and they should be released.
Advocate S S Ladda also opposed extension of Dhoot’s custody and stated that remand can never be granted as a matter of right. Limosin argued that time was lost in hearing of applications for food and visits by family during the previous remand.
CBI alleged that Chanda Kochhar received a Rs 64-crore kickback from Videocon Group for her own use (through an investment in her husband’s firm). CBI said as part of another quid pro quo, Chanda Kochhar resided in a flat without consideration during the period she dealt with the Videocon loan proposal. The flat was under litigation for possession between Videocon and Deepak Kochhar. Subsequently, the flat (valued at Rs. 5.2 crore in 1996) was transferred to Quality Advisor, a family trust of Deepak Kochhar for a meagre sum of Rs 11 lakh in 2016.
The plea alleged that two firms formed between 2008 and 2009 were used as part of a quid pro quo arrangement between Chanda Kochhar and Dhoot. Videocon chairman Dhoot transferred his holdings in the two companies to Deepak Kochhar, just before Chanda Kochhar became head of ICICI Bank. ICICI Bank subsequently sanctioned Rs 1,700 crore worth loans to Videocon Group, most of which turned into NPAs.
CBI produced the three arrested accused before a court requesting further custody of two days. CBI told the court that they wanted to interrogate the three accused to unearth a criminal conspiracy with other unknown public servants and private individuals. The court extended CBI custody till Thursday.
Opposing the extension in remand, advocate Kushal Mor who represented the Kochhars had submitted that there had been no change in grounds for seeking further custody. He said there must be some progress in investigations to seek further custody. Mor also argued that the arrest was a violation of law and illegal as sanction was not sought. He also submitted that any subsequent action will not make it legal and they should be released.
Advocate S S Ladda also opposed extension of Dhoot’s custody and stated that remand can never be granted as a matter of right. Limosin argued that time was lost in hearing of applications for food and visits by family during the previous remand.
CBI alleged that Chanda Kochhar received a Rs 64-crore kickback from Videocon Group for her own use (through an investment in her husband’s firm). CBI said as part of another quid pro quo, Chanda Kochhar resided in a flat without consideration during the period she dealt with the Videocon loan proposal. The flat was under litigation for possession between Videocon and Deepak Kochhar. Subsequently, the flat (valued at Rs. 5.2 crore in 1996) was transferred to Quality Advisor, a family trust of Deepak Kochhar for a meagre sum of Rs 11 lakh in 2016.
