ICICI loan fraud case: Chanda Kochhar paid tax for family trust after CBI's probe

livemint.com:

₹1.53 crore on income of ₹3.42 crore received by the family-held trusts that owned a south Mumbai flat, according to the CBI. According to the English daily Economic Times, the probe agency told the special CBI court that payment was made after a preliminary inquiry (PE) was kicked off against Kochhar and her husband Deepak. The south Mumbai flat and a loan of ₹64 crore are the two instances of alleged "bribery" claimed by CBI in its probe that Deepak Kochhar received in 2016.

The court has adjourned the matter to 12 July. According to the CBI, the flat was a quid pro quo as the value of the flat was ₹3.25 crore in 2016, and was transferred to Deepak Kochhar-owned Quality Advisors trust for ₹11 lakh only by a company linked to Videocon Group. The CBI added that a flat of almost the same size in the same society was sold for ₹16 crore in February 2014 and for ₹18.70 crore in 2017.

But in October 2016, the flat was transferred to Kochhar for ₹11 lakh only. Meanwhile, their son also bought a flat in the same building on the same floor in November 2021 for ₹19.11 crore. Chanda Kochhar was MD and CEO of ICICI Bank between May 2009 and January 2019 in which capacity she was entrusted with the Bank's funds, the CBI told court.

She was liable to discharge such trust in accordance with Reserve Bank of India guidelines and loan policies of ICICI Bank, the CBI argued. She conspired with the other accused persons to sanction or get sanctioned credit facilities in favour of companies of Videocon Group, the CBI said. In furtherance of criminal conspiracy, a term loan of ₹300 crore to Videocon International Electronics Limited was sanctioned in August 2009 by the committee of directors headed by Chanda Kochhar.