ICICI Bank-Videocon loan case: Charge under Section 409 IPC carrying life imprisonment added against Chanda Kochhar

A Mumbai Court on Friday permitted the Central Bureau of Investigation (CBI) to add charges under Section 409 (criminal breach of trust) of the Indian Penal Code against former Managing Director and Chief Executive Officer (CEO) of ICICI Bank Chanda Kochhar in the Videocon loan case..The provision criminalises breach of trust committed by a public servant or by a banker, merchant or agent, and carries a maximum sentence of life imprisonment. Special judge MR Purwar observed that if, during the course of investigation, any particular provision is required to be added or deleted on the basis of material collected, the same can be done without prior permission of the court. “If it is transpired to the Investigating Officer during investigation that any particular section is required to be added or deleted on the basis of material collected by him, he can very well add or delete the section and can intimate about it to the Court. It is not necessary for him to seek prior permission of the Court for that purposes,” the order stated. The judge also clarified that the applicability of a particular section could always be considered at a later stage including at the time of taking of cognizance of the chargesheet against the accused. The special judge also held that it is not required to hear Kochhar on the application filed by the CBI seeking to add the additional charge. “Till the chargesheet is filed and the charge is framed, the accused have no locus and they are not required to be heard,” the judge underscored..CBI had informed the Court in December, 2022 after arresting Kochhar, that it is seeking to add Section 409 as a charge against her. CBI counsel A Limosin, said the accused need not be heard at this stage, and could be heard during filing of chargesheet or framing of charges. The judge agreed with CBI’s contention. .Chanda and her husband Deepak Kochhar were arrested by the CBI on December 24 on allegations of cheating and irregularities in loan of ₹3,250 crore granted in 2012 to the Videocon Group.The complainant had alleged that Kochhar's husband and her family members benefited from the dealings.It was alleged that when Kochhar was at the helm of affairs at ICICI Bank, she cleared a loan for Videocon Group of Companies. As quid pro quo, her husband's company Nu Renewable allegedly received investment from Videocon.The loan later turned into a NPA and was termed as bank fraud.After initial CBI custody, the special CBI court had remanded them to judicial custody on December 29.On January 9, the High Court ordered Kochhar and her husband's release on interim bail holding that their arrest did not satisfy the provisions of law under Code of Criminal Procedure (CrPC)..[Read order]