[<<A day after the CBI booked former MD and CEO of ICICI Bank Chanda Kochhar along with her husband Deepak Kochhar and Videocon Group’s V N Dhoot for cheating and conspiracy, the officer investigating the case was transferred out.
SP Sudhanshu Dhar Mishra, who was part of the Banking and Securities Fraud Cell (BSFC) of CBI in Delhi and signed the Chanda Kochhar FIR on January 22, was transferred to the agency’s Economic Offences Branch in Ranchi the very next day. Two days later, Union Minister Arun Jaitley went on social media against the CBI FIR suggesting it was “investigative adventurism” and a “journey to nowhere.” On Friday, Finance Minister Piyush Goyal and Defence Minister Nirmala Sitharaman retweeted Jaitley’s comments. Calls and text messages sent to the CBI spokesperson did not elicit any response.>> (Excerpted from sl. no. I. below.) <<The CBI named current ICICI Bank CEO Sandeep Bakshi; former ICICI Bank executive director K. Ramkumar; Goldman Sachs India Chairman Sonjoy Chatterjee; MD and CEO of ICICI Prudential Life N S Kannan; Standard Chartered Bank CEO Zarin Daruwala; Tata Capital head Rajiv Sabharwal; New Development Bank president K V Kamath and Tata Capital senior advisor Homi Khusrokhan, apart from booking Chanda Kochhar, Deepak Kochhar and Dhoot. ... While Kamath quit as Chairman in 2015 to take up the post of President in New Development Bank, Chanda Kochhar was promoted as MD and CEO and continued on the Credit Committee till 2017-18. Kochhar was also on the Fraud Monitoring Committee of the bank. Kamath chaired the Credit Committee till he left the bank in 2015. While ICICI Bank disbursed the loans to Videocon on September 7, 2009, Dhoot transferred Rs 64 crore to Deepak Kochhar, Chanda Kochhar’s husband on the next day (September 8), according to FIR filed by the CBI. Kamath was MD & CEO up to April 30, 2009 and Chairman with effect from May 1, 2009. Chanda Kochhar then took over as MD and CEO. Sandeep Bakhshi, the then Deputy Managing Director, N S Kannan, Executive Director & CFO and K. Ramkumar, Executive Director, were on the board during 2009-10. Bakhshi moved to ICICI Prudential Insurance in 2010. Kannan continued until 2018 when he was moved to ICICI Prudential Insurance. BEST OF EXPRESS UP-turn: The Arithmetic and chemistry of SP-BSP alliance Rishabh Pant's journey: Keeping calm and carrying on ICICI case: Two days before Jaitley swipe at CBI, probe officer was shunted out Significantly, in 2009-10, both Kamath and Chanda Kochhar were on the Credit Committee which vetted and cleared the loan. The board headed by Kamath as the Chairman and Kochhar as MD and CEO cleared the loan. The other three members of the credit committee in 2009-10 were Narendra Murkumbi, MS Ramachandran and MK Sharma. Sharma was the chairman at ICICI Bank in 2018, when the ICICI Bank-Videocon case was first reported by The Indian Express and the board led by him came out to give a clean chit to Chanda Kochhar. ... While the CBI filed a criminal case against Chanda Kochhar, Deepak Kochhar and VN Dhoot in the ICICI Bank-Videocon loan case, it also named the six former/current officials and one independent director in the FIR. Stating that they were members of the sanctioning committee that cleared loans to Videocon Group companies, the FIR called for their roles to be investigated.>> (Excerpted from sl. no. II. below.)] I/II. https://indianexpress.com/article/india/chanda-kochhar-case-two-days-before-jaitley-took-swipe-at-cbi-probe-officer-was-shunted-out-5556587/?fbclid=IwAR2U-8oeuavZ6Gb9T-6DznGxLugnsowSK8BRRpaiPvzF6IY_x06RtwY1WxQ ICICI Bank cheating case: Two days before Jaitley took swipe at CBI, probe officer was shunted out SP Sudhanshu Dhar Mishra, who was part of the Banking and Securities Fraud Cell (BSFC) of CBI in Delhi and signed the Chanda Kochhar FIR on January 22, was transferred to the agency’s Economic Offences Branch in Ranchi the very next day. Written by Manoj C G, Deeptiman Tiwary | New Delhi | Updated: January 27, 2019 6:30:10 am On Friday, Finance Minister Piyush Goyal and Defence Minister Nirmala Sitharaman retweeted Jaitley’s comments. (Express photo by Renuka Puri) A day after the CBI booked former MD and CEO of ICICI Bank Chanda Kochhar along with her husband Deepak Kochhar and Videocon Group’s V N Dhoot for cheating and conspiracy, the officer investigating the case was transferred out. SP Sudhanshu Dhar Mishra, who was part of the Banking and Securities Fraud Cell (BSFC) of CBI in Delhi and signed the Chanda Kochhar FIR on January 22, was transferred to the agency’s Economic Offences Branch in Ranchi the very next day. Two days later, Union Minister Arun Jaitley went on social media against the CBI FIR suggesting it was “investigative adventurism” and a “journey to nowhere.” On Friday, Finance Minister Piyush Goyal and Defence Minister Nirmala Sitharaman retweeted Jaitley’s comments. Calls and text messages sent to the CBI spokesperson did not elicit any response. Government sources told The Sunday Express that Jaitley’s comments were mere “elderly advice,” and should not be construed as any meddling in the agency. “Jaitley has made a valid argument. You cannot cast the net too wide on the basis of presumptions without any evidence,” said a senior government functionary Saturday. “How can you name top board members without any evidence? All decision-making will come to a halt.” “The Government has nothing to do with the case,” said an official. “We (government) have constantly been at an arm’s length. It’s the CBI’s decision.” The Congress accused Jaitley of pressuring the CBI and signalling it to “go slow” in the case. Rajya Sabha MP Anand Sharma said that Jaitley’s remarks amounted to “rebuking” and “threatening” the agency. His colleague Jairam Ramesh said: “His statement is extraordinary. It is a clear signal to the CBI to go slow. It also smacks of double standards which, of course, is not new for him. He called Vodafone (case) tax terrorism and then did exactly the same thing in regard to Cairn. He calls ICICI case investigative adventurism yet does exactly the same in regard to his predecessor.” “(When Bhupinder Singh Hooda was raided Friday) The BJP attacked me for asking the CBI to act within the ambit of the law and not become an instrument of targeted political vendetta. Now what about Jaitley…he rebukes and threatens,” Sharma said. ICICI Bank and Chanda Kochhar have been under regulatory scrutiny after The Indian Express first reported on March 29, 2018 that Dhoot provided crores of rupees to a firm he had set up with Deepak Kochhar and two relatives six months after the Videocon Group got Rs 3,250 crore as loan from ICICI Bank in 2012 — on December 8, 2017, the CBI had registered a preliminary enquiry (PE) into the sanctioning of the loan. The amount was part of the Rs 40,000-crore loan that Videocon Group secured from a consortium of 20 banks led by SBI. Almost 86 per cent of the Rs 3,250 crore loan (Rs 2,810 crore) remained unpaid. The Videocon account was declared an NPA in 2017. According to CBI, on August 26, 2009, the sanctioning committee of ICICI Bank that included Chanda Kochhar approved a loan of Rs 300 crore to Videocon International Electronics Ltd (VIEL) “in contravention of the rules and policy”. Kochhar, the CBI alleged, “dishonestly” abused her official position to disburse this loan on September 7, 2008 as the very next day, her husband’s firm Nupower Renewables received Rs 64 crore from Videocon Industries Ltd (VIL) to acquire its first power plant. Former Union Minister and chairman of the Parliamentary Standing Committee on Finance M Veerappa Moily said Jaitley has now realised what “investigative adventurism” is. “I don’t think it was an off-the-cuff remark. Ministers in the NDA government are not free. They are not independent. They are being pressured by the party higher-ups. I am not talking about this case or that case…but political vendetta is very clearly seen and it is now proved because their own minister has come out,” he said. Some former CBI officers agreed with Jaitley’s criticism of naming so many top banking officials in the FIR when they have not been arraigned as accused. “This is a very poorly drafted FIR. Probe agencies never make roving enquiries. They should focus on the crime they are probing. This type of investigation will never see an end,” said former CBI Special Director NR Wasan, who has served in the agency for 18 years. Referring to naming of top bankers, a former CBI Director said, “This was a totally unnecessary. The CBI tradition is to name those against whom there is enough evidence. Those who are in the realm of suspicion are mentioned as ‘unknown others’. Question them in the course of probe and if you find evidence, chargesheet them. What’s the point of naming people who are not accused. Jaitley is not wrong.” A former Director, however, expressed surprise over the government’s attack. “In such big cases, you always intimate the government. K V Kamath is a big name. He is representing India in the BRICS. How come no one in the government knew he was being named?” he said. II. https://indianexpress.com/article/india/whos-who-named-by-cbi-and-their-role-in-the-chanda-kochhar-case-5556581/ Who’s who named by CBI — and their ‘role’ in the Chanda Kochhar case While ICICI Bank disbursed the loans to Videocon on September 7, 2009, Dhoot transferred Rs 64 crore to Deepak Kochhar, Chanda Kochhar’s husband on the next day (September 8), according to FIR filed by the CBI. Written by Sandeep Singh, George Mathew | Mumbai, New Delhi | Updated: January 27, 2019 7:25:49 am Given the positions occupied in the bank over the said period, former chairman Kamath and Chanda Kochhar virtually controlled the operations of the bank besides being members of the Credit Committee when the controversial loans were sanctioned to the Videocon group (Reuters file photo) Union Minister Arun Jaitley Friday hit out at the CBI’s ICICI Bank probe calling it a case of “investigative adventurism” that had digressed from focusing on just the primary targets. His remarks were an apparent reference to the CBI mentioning top bank officers — other than former MD and CEO Chanda Kochhar, her husband and Videocon promoter Venugopal Dhoot — saying their roles would be under probe. Records show that these officers named by the CBI held key positions in the bank’s top management and on board-level committees, including the credit committee, between 2008 and 2013, when the controversial loans were disbursed to Videocon Industries despite the conflict of interest involving Chanda Kochhar’s husband receiving a favourable financial deal from Dhoot. The CBI named current ICICI Bank CEO Sandeep Bakshi; former ICICI Bank executive director K. Ramkumar; Goldman Sachs India Chairman Sonjoy Chatterjee; MD and CEO of ICICI Prudential Life N S Kannan; Standard Chartered Bank CEO Zarin Daruwala; Tata Capital head Rajiv Sabharwal; New Development Bank president K V Kamath and Tata Capital senior advisor Homi Khusrokhan, apart from booking Chanda Kochhar, Deepak Kochhar and Dhoot. Given the positions occupied in the bank over the said period, former chairman Kamath and Chanda Kochhar virtually controlled the operations of the bank besides being members of the Credit Committee when the controversial loans were sanctioned to the Videocon group, according to the Bank’s annual report. While Kamath quit as Chairman in 2015 to take up the post of President in New Development Bank, Chanda Kochhar was promoted as MD and CEO and continued on the Credit Committee till 2017-18. Kochhar was also on the Fraud Monitoring Committee of the bank. Kamath chaired the Credit Committee till he left the bank in 2015. While ICICI Bank disbursed the loans to Videocon on September 7, 2009, Dhoot transferred Rs 64 crore to Deepak Kochhar, Chanda Kochhar’s husband on the next day (September 8), according to FIR filed by the CBI. Kamath was MD & CEO up to April 30, 2009 and Chairman with effect from May 1, 2009. Chanda Kochhar then took over as MD and CEO. Sandeep Bakhshi, the then Deputy Managing Director, N S Kannan, Executive Director & CFO and K. Ramkumar, Executive Director, were on the board during 2009-10. Bakhshi moved to ICICI Prudential Insurance in 2010. Kannan continued until 2018 when he was moved to ICICI Prudential Insurance. Significantly, in 2009-10, both Kamath and Chanda Kochhar were on the Credit Committee which vetted and cleared the loan. The board headed by Kamath as the Chairman and Kochhar as MD and CEO cleared the loan. The other three members of the credit committee in 2009-10 were Narendra Murkumbi, MS Ramachandran and MK Sharma. Sharma was the chairman at ICICI Bank in 2018, when the ICICI Bank-Videocon case was first reported by The Indian Express and the board led by him came out to give a clean chit to Chanda Kochhar. The Credit Committee of the board, apart from sanctioning credit proposals based on the bank’s credit authorisation framework, reviews developments in key industrial sectors and the bank’s exposure to these sectors as well as to large borrower accounts and borrower groups. The Credit Committee also reviews major credit portfolios, non-performing loans, accounts under watch, overdues and incremental sanctions. A summary of the reviews carried out by the Credit Committee and Risk Committee is reported to the Board of Directors. In 2009-10, according to information from the company’s annual report, the Credit Committee comprised KV Kamath as Chairman, Narendra Murkumbi, M S Ramachandran, M K Sharma and Chanda Kochhar. The composition of the Credit Committee in 2012-13 included Kamath as Chairman, Homi Khusrokhan, M S Ramachandran and Chanda Kochhar In 2015-16, the Credit Committee included Kochhar as Chairperson, Homi Khusrokhan and M S Ramachandran. However, in 2016-17, the Committee was reconstituted with MK Sharma as Chairman and Homi Khusrokhan and Chanda Kochhar as members. “A big loan is vetted by the Credit Committee which approves it and then forwards the loan proposal to the board. Kamath and Chanda Kochhar controlled both the board and the credit committee. Nothing moved without their consent. Other directors normally went by the recommendations of the management,” said a source. Kochhar’s elevation as the Managing Director & CEO of ICICI Bank came in 2009 and since then she has been responsible for the bank’s diverse operations in India and overseas. Kamath took up the role of non-executive Chairman. While the CBI filed a criminal case against Chanda Kochhar, Deepak Kochhar and VN Dhoot in the ICICI Bank-Videocon loan case, it also named the six former/current officials and one independent director in the FIR. Stating that they were members of the sanctioning committee that cleared loans to Videocon Group companies, the FIR called for their roles to be investigated. -- Peace Is Doable -- You received this message because you are subscribed to the Google Groups "Green Youth Movement" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To post to this group, send an email to [email protected]. Visit this group at https://groups.google.com/group/greenyouth. For more options, visit https://groups.google.com/d/optout.
