A day after the CBI named banking doyen KV Kamath and virtual who’s who of the sector for questioning in the alleged fraud case against former ICICI Bank CEO Chanda Kochhar, union minister Arun Jaitley on Friday advised investigating agency to avoid “adventurism” and concentrate only on the bull’s eye.
Jaitley, who is recuperating after a surgery in a hospital in the US, on Twitter said one of the reasons for “poor” conviction rate in India is that “adventurism and megalomania” overtakes investigators and professionalism takes a back seat. The Central Bureau of Investigation (CBI) on Thursday filed a case of criminal conspiracy and fraud against the Chanda Kochhar and her husband Deepak Kochhar. The agency also said Kamath as well as present ICICI Bank CEO Sandeep Bakshi, Goldman Sachs India Chairman Sonjoy Chatterjee, Standard Chartered Bank CEO Zarin Daruwala, Tata Capital head Rajiv Sabharwal and Tata Capital senior advisor Homi Khusrokhan need to be investigated for high-value loans ICICI Bank sanctioned under Kochaar to Videocon Industries.
It alleged that the loans were extended in violation of bank’s lending policies and in exchange for an investment by the consumer electronics company’s owner in a business headed by Chanda Kochhar’s husband.
“There is a fundamental difference between investigative adventurism and professional investigation,” Jaitley wrote. Jaitley, who was Finance Minister of India till last week and had to temporary handover the charge to his fellow minister Piyush Goyal for the duration of his indisposition, advised the investigators — “Follow the advice of Arjun in the Mahabharat — Just concentrate on the bull’s eye.”