The Enforcement Directorate (ED) has said that Chanda Kochhar's husband Deepak Kochhar tweaked his company's books. Once ICICI Bank launched an internal investigation against the former Managing Director Chanda Kochhar in August 2016, her husband tweaked his company's books to show that that the Rs 64 crore he received from Videocon Group was a business transaction and that he intended to return it.
The ED charge sheet was filed on November 3 but details are just emerging. As per the ED, "accounting entries in the books of Supreme Energy Pvt Ltd were made to give an appearance of genuineness to the transaction" once internal inquiry was initiated by ICICI Bank into Chanda Kochhar over allegations of improper grant of loans to companies affiliated with Videocon Industries. This was a quid pro quo set up for investments in Deepak Kochhar's NuPower Renewables Pvt Ltd (NRPL), as per the ED.
SEPL is controlled by Deepak Kochhar. It was used for transfer of money, believed to be a kickback from Videocon to NRPL, according to ED.
Provision of Rs 32 lakh was created in the balance sheet to project the proceeds as genuine transaction, stated the ED charge sheet. "...Had it been a genuine transaction between SEPL and VIL, the provisioning would have been done in 2009 itself. But the provisioning was created (that too of an amount of Rs 32 lakh only) first time in FY2016-17 by SEPL," according to the ED charge sheet.
SEPL reversed the provisioning of Rs 32 lakh after ICICI Bank put its weight behind Chanda Kochhar and issued a statement saying that ICICI has closed the matter and no enquiry is pending, stated the ED.
The ED stated that there was never any intention of NRPL or SEPL to replay Rs 64 crore to Videocon but this change in account books were part of a conspiracy.
Chanda Kochhar was given a clean chit by the board of ICICI Bank that said there were no questions of favouritism, nepotism or conflict of interest in granting loans. She stepped down from her role and was later sacked by the bank that treated her resignation as termination after the Srikrishna panel found her violating the bank's policies.