Tag: loan fraud case

  • SC to listen to CBI’s plea towards interim bail to former ICICI Bank CEO Chanda Kochhar, husband in mortgage fraud case

    By PTI

    NEW DELHI: The Supreme Court on Monday agreed to listen to the CBI’s plea towards grant of interim bail to former ICICI Bank CEO-cum-MD Chanda Kochhar and her businessman husband Deepak Kochhar by the Bombay High Court in a mortgage fraud case.

    A bench of Justices Aniruddha Bose and Bela M Trivedi issued discover to Chanda Kochhar and her husband on the probe company’s petition and sought their responses in three weeks.

    Additional Solicitor General SV Raju, showing for the CBI, stated the excessive court docket proceeded on a improper presumption that the offence is punishable with a most of seven years imprisonment with out contemplating part 409 of the IPC (felony breach of belief by public servant) which entails sentence starting from 10 years to life imprisonment.

    The bench requested Raju how part 409 of the IPC got here into play when ICICI was a personal financial institution. Raju replied that the financial institution could also be non-public however it entails public cash. The bench stated it’s issuing discover to the couple and in search of their replies in three weeks.

    The CBI has challenged the January 9 order of the excessive court docket granting interim reduction to the Kochhars.

    The prime court docket had on October 10 questioned the CBI over not objecting to the repeated extension of the two-week interim bail granted to them in January this 12 months.

    The excessive court docket had pulled up the CBI for arresting the couple in a “casual and mechanical” method and “clearly without application of mind” within the mortgage fraud case and granted them interim bail.

    The CBI arrested the Kochhars on December 23, 2022, in reference to the Videocon-ICICI Bank mortgage fraud case. The couple had moved the HC difficult their arrest, terming it as “illegal and arbitrary”. They had sought their launch from jail on bail by means of an interim order.

    The excessive court docket had stated the Kochhars’ arrest was not in accordance with the provisions of legislation and so they had been entitled to be launched on bail, pending the listening to and remaining disposal of their petitions.

    The grounds for arresting the petitioners (Kochhars), as acknowledged within the arrest memos, are unacceptable and opposite to the rationale(s)/ floor(s) on which an individual may be arrested, it had stated.

    ALSO READ  | SC questions CBI over not objecting to repeated extension of interim bail to Chanda Kochhar, husband

    Apart from the Kochhars, the CBI additionally arrested Videocon group founder Venugopal Dhoot within the case.

    The central company has alleged the ICICI Bank sanctioned credit score amenities to the tune of Rs 3,250 crore to the businesses of the Videocon group in violation of the Banking Regulation Act, Reserve Bank of India’s pointers and credit score coverage of the highest non-public lender.

    The CBI had named Chanda Kochhar, who was ICICI Bank CEO and MD from 2009 to 2018, Deepak Kochhar, Dhoot together with a slew of companies – Nupower Renewables (NRL), Supreme Energy, Videocon International Electronics Ltd and Videocon Industries – as accused within the FIR registered beneath Indian Penal Code sections associated to felony conspiracy and provisions of the Prevention of Corruption Act (PCA).

    Nupower Renewables is managed by Deepak Kochhar.

    The central company has alleged as quid professional quo (favour or benefit granted in return for one thing), Videocon group founder Dhoot made an funding of Rs 64 crore in Nupower Renewables by way of Supreme Energy Pvt Ltd (SEPL) and transferred SEPL to Pinnacle Energy Trust managed by Deepak Kochhar by way of a circuitous route between 2010 and 2012.

    Follow The New Indian Express channel on WhatsApp

    NEW DELHI: The Supreme Court on Monday agreed to listen to the CBI’s plea towards grant of interim bail to former ICICI Bank CEO-cum-MD Chanda Kochhar and her businessman husband Deepak Kochhar by the Bombay High Court in a mortgage fraud case.

    A bench of Justices Aniruddha Bose and Bela M Trivedi issued discover to Chanda Kochhar and her husband on the probe company’s petition and sought their responses in three weeks.

    Additional Solicitor General SV Raju, showing for the CBI, stated the excessive court docket proceeded on a improper presumption that the offence is punishable with a most of seven years imprisonment with out contemplating part 409 of the IPC (felony breach of belief by public servant) which entails sentence starting from 10 years to life imprisonment.googletag.cmd.push(operate() googletag.show(‘div-gpt-ad-8052921-2′); );

    The bench requested Raju how part 409 of the IPC got here into play when ICICI was a personal financial institution. Raju replied that the financial institution could also be non-public however it entails public cash. The bench stated it’s issuing discover to the couple and in search of their replies in three weeks.

    The CBI has challenged the January 9 order of the excessive court docket granting interim reduction to the Kochhars.

    The prime court docket had on October 10 questioned the CBI over not objecting to the repeated extension of the two-week interim bail granted to them in January this 12 months.

    The excessive court docket had pulled up the CBI for arresting the couple in a “casual and mechanical” method and “clearly without application of mind” within the mortgage fraud case and granted them interim bail.

    The CBI arrested the Kochhars on December 23, 2022, in reference to the Videocon-ICICI Bank mortgage fraud case. The couple had moved the HC difficult their arrest, terming it as “illegal and arbitrary”. They had sought their launch from jail on bail by means of an interim order.

    The excessive court docket had stated the Kochhars’ arrest was not in accordance with the provisions of legislation and so they had been entitled to be launched on bail, pending the listening to and remaining disposal of their petitions.

    The grounds for arresting the petitioners (Kochhars), as acknowledged within the arrest memos, are unacceptable and opposite to the rationale(s)/ floor(s) on which an individual may be arrested, it had stated.

    ALSO READ  | SC questions CBI over not objecting to repeated extension of interim bail to Chanda Kochhar, husband

    Apart from the Kochhars, the CBI additionally arrested Videocon group founder Venugopal Dhoot within the case.

    The central company has alleged the ICICI Bank sanctioned credit score amenities to the tune of Rs 3,250 crore to the businesses of the Videocon group in violation of the Banking Regulation Act, Reserve Bank of India’s pointers and credit score coverage of the highest non-public lender.

    The CBI had named Chanda Kochhar, who was ICICI Bank CEO and MD from 2009 to 2018, Deepak Kochhar, Dhoot together with a slew of companies – Nupower Renewables (NRL), Supreme Energy, Videocon International Electronics Ltd and Videocon Industries – as accused within the FIR registered beneath Indian Penal Code sections associated to felony conspiracy and provisions of the Prevention of Corruption Act (PCA).

    Nupower Renewables is managed by Deepak Kochhar.

    The central company has alleged as quid professional quo (favour or benefit granted in return for one thing), Videocon group founder Dhoot made an funding of Rs 64 crore in Nupower Renewables by way of Supreme Energy Pvt Ltd (SEPL) and transferred SEPL to Pinnacle Energy Trust managed by Deepak Kochhar by way of a circuitous route between 2010 and 2012. Follow The New Indian Express channel on WhatsApp

  • Loan fraud case: Bombay HC grants bail to ICICI Bank ex-CEO Chanda Kochhar, her husband Deepak

    By PTI

    MUMBAI: The Bombay High Court on Monday granted bail to former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar in a mortgage fraud case, noting their arrest was not achieved in conformity with provisions of regulation.

    The couple was arrested by the Central Bureau of Investigation (CBI) on December 23, 2022 in reference to the Videocon-ICICI financial institution mortgage case. They are presently in judicial custody.

    A division bench of Justices Revati Mohite Dere and P Okay Chavan directed the Kochhars to deposit a money bail quantity of Rs one lakh every with a number of sureties of the identical quantity.

    The bench mentioned the duo shall cooperate with the probe and attend the CBI workplace as and when summoned.

    “We have held that the petitioners’ (Kochhars) arrest was not in accordance with provisions of law and this warrants their release,” the excessive court docket mentioned.

    The court docket additionally requested Kochhars to give up their passports to the CBI.

    The order was handed on petitions filed by Chanda Kochhar and her husband difficult their arrest by the CBI in reference to the financial institution mortgage case.

    The duo of their pleas mentioned the CBI arrest was arbitrary and unlawful.

    The CBI had named Chanda Kochhar, Deepak Kochhar in addition to Videocon group founder Venugopal Dhoot together with Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Ltd as accused within the FIR registered in 2019 beneath Indian Penal Code sections associated to prison conspiracy and provisions of the Prevention of Corruption Act.

    The central company has alleged non-public sector lender ICICI Bank sanctioned credit score amenities to the tune of Rs 3,250 crore to those corporations in violation of norms.

    It additional alleged that as part of quid professional quo, Dhoot made an funding of Rs 64 crore in Nupower Renewables via Supreme Energy Pvt Ltd (SEPL), and transferred SEPL to Pinnacle Energy Trust managed by Deepak Kochhar via a circuitous route between 2010 and 2012.

    MUMBAI: The Bombay High Court on Monday granted bail to former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar in a mortgage fraud case, noting their arrest was not achieved in conformity with provisions of regulation.

    The couple was arrested by the Central Bureau of Investigation (CBI) on December 23, 2022 in reference to the Videocon-ICICI financial institution mortgage case. They are presently in judicial custody.

    A division bench of Justices Revati Mohite Dere and P Okay Chavan directed the Kochhars to deposit a money bail quantity of Rs one lakh every with a number of sureties of the identical quantity.

    The bench mentioned the duo shall cooperate with the probe and attend the CBI workplace as and when summoned.

    “We have held that the petitioners’ (Kochhars) arrest was not in accordance with provisions of law and this warrants their release,” the excessive court docket mentioned.

    The court docket additionally requested Kochhars to give up their passports to the CBI.

    The order was handed on petitions filed by Chanda Kochhar and her husband difficult their arrest by the CBI in reference to the financial institution mortgage case.

    The duo of their pleas mentioned the CBI arrest was arbitrary and unlawful.

    The CBI had named Chanda Kochhar, Deepak Kochhar in addition to Videocon group founder Venugopal Dhoot together with Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Ltd as accused within the FIR registered in 2019 beneath Indian Penal Code sections associated to prison conspiracy and provisions of the Prevention of Corruption Act.

    The central company has alleged non-public sector lender ICICI Bank sanctioned credit score amenities to the tune of Rs 3,250 crore to those corporations in violation of norms.

    It additional alleged that as part of quid professional quo, Dhoot made an funding of Rs 64 crore in Nupower Renewables via Supreme Energy Pvt Ltd (SEPL), and transferred SEPL to Pinnacle Energy Trust managed by Deepak Kochhar via a circuitous route between 2010 and 2012.

  • CBI books DHFL’s Wadhawans in biggest-ever mortgage fraud

    In the biggest-ever mortgage fraud case in India, the CBI has booked former promoters of Dewan Housing Finance Corporation Ltd (DHFL), Kapil Wadhawan and Dheeraj Wadhawan, amongst 13 accused for defrauding a consortium of 17 banks of over Rs 34,000 crore. Until now, the Nirav Modi-led PNB mortgage fraud (Rs 13,000 crore) and ABG Shipyard mortgage fraud (Rs 20,000 crore) had been thought of to be the most important.

    The company, sources stated, is conducting searches at 11 places throughout the nation at premises related to the accused.

    The CBI case has been registered on a grievance from Union Bank of India (UBI), which is the lead financial institution within the consortium. According to the UBI grievance, since 2010, the DHFL has prolonged credit score services of over Rs 42,000 crore by the consortium of which Rs 34,615 crore stay excellent. The mortgage was declared NPA in 2019 and fraud in 2020.

    A forensic audit performed by the KPMG in 2020-21 of DHFL mortgage accounts noticed that “large amounts were disbursed as loans & advances by the borrower company to a number of inter-connected entities and individuals with commonalities to DHFL Promoter Entities, which were used for purchase of shares/debentures.”

    According to the KPMG report, a lot of the transactions of such entities/people had been within the nature of investments in land/properties.

    Apart from Wadhwans, the CBI has booked Sudhakar Shetty of Suhana Group and 10 different actual property firms.

    The UBI has alleged that the KPMG audit signifies “significant financial irregularities, diversion of funds through related parties, fabrication of books to show fraudulent non-existent retail loans, round tripping of funds and utilization of diverted amounts for creation of assets by Sh. Kapil Wadhawan, Sh. Dheeraj Rajesh Kumar Wadhawan and their associates.”

    According to KPMG studies, as many as 66 entities, which had been associated to the DHFL and the Wadhawans, had been superior loans to the tune of practically Rs 30,000 crore by flouting all norms.

    Of these 65 entities, Kapil Wadhawan alone managed about 40 entities by the use of appointing administrators and auditors, dealing with earnings tax notices, sustaining secretarial information of those entities and managing total management over funds of those firms, the CBI FIR has alleged.

    The DHFL defaulted on its debt cost obligations from May 2019 onwards. However, nicely earlier than that, various NBFC firms confronted issues in elevating funds, pursuant to the default in commitments by IL&FS Group issues. This was adopted by a pointy correction within the share value of the DHFL. As banks raised questions with respect to the monetary well being of the corporate, Wadhawans claimed that the autumn in share value was on account of sale of business papers by considered one of its traders and maintained that the DHFL held a robust liquidity equated to 6 months of money and would stay money surplus even after contemplating all reimbursement obligations for the Financial Year 2018-19. However, these turned out to be faux assurances, in keeping with the FIR.

    Wadhawans are dealing with a number of CBI and Enforcement Directorate instances because the collapse of the corporate in 2019 and have additionally been earlier arrested within the Yes Bank case.