A SPECIAL court in Mumbai on Saturday sent former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar to CBI’s custody till Monday in connection with a loan fraud case involving bank officials and Videocon Group. Both were produced before the court by the CBI which had sought their custodial remand.

The CBI has alleged that Chanda Kochhar hatched a criminal conspiracy and released loans of Rs 1,800 crore to six different companies. Kochhar pressurised other banks to pass their loans.

After receiving a complaint, a case of fraud was filed by the CBI with Mumbai branch in January 2019.

Chanda Kochhar got flat in Mumbai, says CBI: THE CBI said that Chanda Kochhar got a flat in Mumbai, and financial gain through the fraud. While arguing on the matter, public prosecutor of CBI said that loss of Rs 1,730 crore was caused to ICICI bank by the accused. The prosecution said that in 2009, Videocon group gave a loan of Rs 64 crore loan to Nupower, which is Deepak Kochhar’s firm.

The CBI also alleged that a Mumbai-based flat, where Chanda Kochhar was residing, was transferred to the family trust of Deepak Kochhar. “The value of this flat was Rs 5.25 crore in 1996 and in 2016, the flat was transferred in Rs just 11 lakh. All this is ill-gotten money,” the CBI has said.