The Central Bureau of Investigation (CBI) on Wednesday informed a special court that it has secured sanction under the Prevention of Corruption Act (PCA) to prosecute former ICICI bank MD-CEO Chanda Kochhar in the loan fraud case it had registered against her. Chanda Kochhar and her husband Deepak Kocchar had been arrested on Dec 23 last year.
The couple was granted bail by the Bombay High Court on Jan 10. The court had held that their arrest was not in compliance with law and that the arrest had taken place in a mechanical manner without application of mind.
As per the CBI’s allegations, there are two instances of kickbacks received by the Kochhars in exchange for the bank disbursing loans to Dhoot's Videocon group firms. Chanda Kochhar was then heading the bank and sanctioned these loans after she took over.
The agency says she was on the loan sanctioning committee for these loans. It alleges that a company managed by her husband allegedly received Rs 64 crore a day after ICICI bank disbursed one of the loans of Rs 300 crore.
