Chanda Kochhar, 10 others accused of 'cheating' private company, case registered
Dec 28, 2023
New Delhi [India], December 28 : A case has been registered against former ICICI Bank Managing Director and CEO Chanda Kochhar in the national capital, accusing Kochhar and 10 others of cheating a private company, leading to a loss of Rs 27 crores.
Economic Offence Wing of the Delhi Police registered an FIR on December 20, citing allegations of cheating and criminal conspiracy.
Patiala House Court on December 9 ordered Delhi Police to file a case after the complaint of Shammi Ahluwalia, Director of P & R Overseas Pvt Limited (Tomato Magic). In his complaint, Ahluwalia has written that the accused allegedly conspired to project a fake 'Letter of Credit' by a 'foreign bank', as genuine.
The complainant said he had received an order from a Russian buyer. As per the payment risk, the condition was that the order shall be premised on a 100% irrevocable 'LoC' issued by an 'A' class bank of international repute.
Economic Offence Wing on December 20 registered an FIR under various IPC sections including 406/420/467/468/471/120B/34.
Accordingly, the complainant said that he received the 'LoC' through ICICI purportedly issued by the Royal Bank of Scotland (RBS). However, later it was found out the LoC was issued by a bank, RBS Alliance, Moscow, which had a bad track record.
