Chanda Kochhar, former Managing Director and CEO of ICICI Bank, is facing fresh legal troubles as a new case has been registered against her and ten others in the national capital. The accusation revolves around cheating a tomato paste company, resulting in a substantial loss of Rs 27 crores. This case, dating back to 2009, gained attention when the Patiala House Court, on December 9, instructed the Delhi Police to launch an investigation. The Economic Offence Wing of the Delhi Police subsequently filed an FIR on December 20, citing charges of cheating and criminal conspiracy.
Individuals named in the FIR include Chanda Kochhar, Sandeep Bakshi (CEO & MD ICICI Bank), Vijay Zagade (ex-manager ICICI Bank), and several officials from ICICI Bank's Global Trade Services unit in Mumbai. Also named are Atul Kumar Goel (MD & CEO Punjab National Bank), K.K. Bordia (ex-GM Oriental Bank of Commerce), Akhila Sinha (AGM PNB & then Branch Head of OBC), Manoj Saxena (AGM PNB & then Branch Head of OBC), and K.K. Bhatia (ex-Chief Manager at OBC).
According to the FIR, filed by Shammi Ahluwalia, Director of P & R Overseas Pvt Limited (Tomato Magic), the accused allegedly conspired to present a 'Letter of Credit' (LoC) from a Foreign Bank as a genuine document. The LoC, crucial for an export order of tomato paste, was purportedly issued by the Royal Bank of Scotland (RBS) but was later revealed to be from a local Russian bank named RBS Alliance, known for its dubious reputation.
The FIR highlights that ICICI Bank fraudulently authenticated the LoC as issued by the Royal Bank of Scotland, knowing it was from a local Russian bank. The complainant, Tomato Magic, received the L/C through ICICI Bank, which acted as the Advising Bank. The subsequent wrongful authentication of the LoC by ICICI Bank allegedly led to a series of events resulting in a loss of Rs 27.66 crores for Tomato Magic.
The complainant further alleges that ICICI Bank, in response to concerns in May 2011, provided "frivolous" and "untrue" answers, attempting to evade responsibility. The FIR emphasizes that the accused violated RBI guidelines to protect a fraudulent bank and calls for an investigation into the collaborative relationship between ICICI Bank and RBS Alliance.
This latest legal challenge comes amid ongoing legal issues for Chanda Kochhar, with the Supreme Court adjourning the hearing on the CBI's petition challenging the interim bail granted to her in the alleged Videocon loan fraud case until January 3, 2024.
(With Agency Inputs)
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