Statute Panel to Look Into Allegations Against Kochhar Over A Loan To Videocon Group

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New Delhi: This is the first time in the recent cases that banking sector will come under the review of a parliamentary panel as parliamentary standing committee on finance will discuss allegations of quid pro quo against ICICI chief ChandaKochhar over a loan to Videocon Group, and recent bank frauds when it starts a debate on bad loans in Indian banks on Tuesday.

Close on the heels of the fraud at Punjab National Bank, where jewellersNiravModi and MehulChoksi are alleged to have conspired with venal bank officers to defraud the bank of close to ₹12,000 crore, allegations have cropped up about ICICI bank’s loans to Videocon, and the possibility that these may be linked to Videocon chairman VenugopalDhoot’s transfer of his private investment in a company to its co-promoter, Deepak Kochhar, ChandaKochhar’s husband.

“We will look closely at the recent cases of bank frauds — the ICICI, PNB and UCO Bank cases — to understand the issue and recommend remedies. Finance ministry officials have been requested to depose before the panel on Tuesday. Other stakeholders will also be called but on some other day,” said a senior member of the standing committee. In the UCO bank case, the Central Bureau of Investigation has booked the bank’s former CMD ArunKaul and a few other officials for allegedly duping the bank to the tune of ₹620 crores.

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