Govt should look into foreign fundings in Indian companies: Whistleblower on FIR against Chanda Kochhar

chanda kochhar

New Delhi, Jan 24 : Whistleblower Arvind Gupta, who exposed the alleged Videocon loan fraud, on Thursday said Chanda Kochhar’s case is a tip of the iceberg and government should look into foreign fundings in Indian companies.

Gupta expressed satisfaction over cases registered by the Central Bureau of Investigation (CBI) against former CEO and MD of ICICI Bank Chanda Kochhar and her husband Deepak Kochhar for criminal conspiracy.

“As a shareholder, I felt there are things that people must know, so I informed everybody. I would like govt to look into foreign fundings in Indian companies,” Gupta said.

India’s premier anti-corruption agency CBI registered a case against the then MD and CEO of ICICI Bank, the once high-profile Chanda Kochhar, two Managing Directors of separate private companies, four Mumbai-based private companies and other unknown private persons and unknown public servants under section 120-B (conspiracy) read with section 420 (cheating) of IPC read with Section 7, Section 13(2) (criminal misconduct) read with 13(1)(d) (pecuniary advantage) of the Prevention of Corruption Act.

At the very kernel of the case is that on August 26, 2009, a loan of Rs 300 crore was sanctioned to a Mumbai-based private company in contravention of the rules and policy by the sanctioning committee.

It was further alleged that Chanda Kochhar, the then MD and CEO, ICICI Bank, being the head of the sanctioning committee, who in criminal conspiracy with other accused to cheat ICICI Bank, dishonestly and by abusing her official position sanctioned this loan in favour of the said Mumbai-based private company.

“I think this is just a good beginning of the investigation. Its roots will go further deep and outside India also. I want the government to see how few companies in India are getting money from abroad. Whose money is this? Chanda Kochhar is just a tip of the iceberg. The situation is the same in all the banks. I feel all the corrupt bankers will now think 10 times before doing something wrong,” Gupta told .

“The bad condition of banking today is because of favouritism and corruption. Not only Chanda Kochhar, but there are also many people in the organisation who should be looked into. I cannot give a clean chit to independent directors, the board of director and even the chairman. The entire ICICI team from top to bottom needs to be investigated,” he added.

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