ICICI Bank-Videocon Case: Did CBI Nearly Close Preliminary Enquiry Weeks Before Filing FIR?

New Delhi: Weeks before it filed an FIR on January 22, the Central Bureau of Investigation (CBI) had decided to close the preliminary enquiry (PE) on alleged ‘cheating and conspiracy” involving former ICICI Bank chief Chanda Kochhar, her husband Deepak Kochhar and Videocon’s R N Dhoot, in an over Rs 3,000 crore loan sanction in 2012.

Incidentally, the police officers who were transferred a day after Finance Minister Arun Jaitley in a post on social media spoke about “investigative adventurism,” were part of the team that backed the decision to close the PE for lack of evidence, the Economic Times has reported.

“ET has learnt that deputy inspector general Jasbir Singh and superintendent of police Sudhanshu Mishra, who were part of the probe team, had upheld the investigating officer DJ Bajpei’s initial recommendation made in December 2018 that there was scant evidence against the Kochhars” the newspaper reported on Monday.

A day after raids were conducted and the FIR was registered, Jasbir Singh was asked to give up his responsibilities in the Bank Security and Frauds Cell of the CBI, Mishra was transferred to the Economic Offences Wing in Ranchi, Jharkhand.

The ET report also said that it was interim CBI Director, M Nageswara Rao, who gave the final approval for registering and FIR in the case, overturning the recommendation by Bajpei for closing the PE.

“The IO had stated in his report submitted in December to his seniors that following the complaint, documents relating to the case were studied,” an official privy to the information told ETon condition of anonymity.”

The report further cites another official who did not want it to be named that a few people, including Chanda Kochhar’s brother-in-law Rajiv Kochhar, were questioned during the scrutiny, adding that “due to lack of reliable evidence to convert the complaint into an FIR…. the complaint was closed….”

The report cites the official as saying that the “IO’s finding were endorsed by the DIG and SP before the file went to the Director for approval.”

However, the report then goes to cite “other people” who said that Mishra was transferred after a “discreet enquiry” by the CBI “revealed a “strong possibility” that information regarding searches on accused was leaked.”

Incidentally, Bajpei, who conducted the PE, is no longer part of the investigating team into the case.

“The case is now entrusted to DSP R K Sangwan. The IP investigating the PE is not part of the investigation team so as to ensure there are no prejudices,” the newspaper quoted an official as saying.

Recall that a day after the raids and FIR, Jaitley, who is in the US for medical treatment, commented on the issue terming it as a “journey to nowhere” and calling for “professional investigation.” His remarks were retweeted by two Cabinet Ministers – Piyush Goyal and Nirmala Sitharaman.

Following this, the Opposition accused the Narendra Modi-led BJP government of “meddling” in the affairs of the premier investigative agency.

“CBI has received the ultimate certificate from the one who has the best ringside seat, the finance minister (on leave): ‘Adventurism and megalomania have overtaken investigators’!” former Finance Minister and Congress leader P Chidambaram tweeted.

Communist Party of India (Marxist) general secretary Sitaram Yechury tweeted: “Cabinet Ministers attack CBI for doing its job & officers transferred for going after corrupt cronies. Twin misuse of CBI by Modi Govt: shield cronies it wants political funds from, go after political opponents. And don’t take action against the corrupt it wants pliability from!”