Interim Relief For Kochhars: ‘Non Confession Is Not Non Cooperation’ | India Development Debate

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My discussion is from 7:32-9:35 mins and 13:50-16:07 mins.

Both ED and CBI have a poor track record of convictions. So what is there for the capital markets if the guilty do not get convicted because the investigative agencies are so poor in their work or even if they are innocent, they get arrested on such flimsy grounds. It is a very sad day for the capital markets when you see such things happening and for the public at large,” says Hemindra Hazari, Independent Business Analyst

How do you see all the developments around the Kochhars?

“Both ED and CBI have a poor track record of convictions. So what is there for the capital markets if the guilty do not get convicted because the investigative agencies are so poor in their work or even if they are innocent, they get arrested on such flimsy grounds. It is a very sad day for the capital markets when you see such things happening and for the public at large,” says Hemindra Hazari, Independent Business Analyst

How do you see allthe developments around the Kochhars?
It clearly shows the Central Bureau of Investigation in very poor light for shoddy adherence to legal procedures for the Honourable High Court to pass such scathing comments. This is a great pity because it really demeans the credibility of India’s premier criminal investigation body. In the court of public opinion and as a banking analyst, once you see the digital money trail which shows giving funds to the Videocon Group and thereafter part of going from a Videocon Group Company into Deepak Kochhar’s company, of course raises a great deal of suspicion. In such a case, the premier criminal investigative body cannot put together a proper case and their case gets practically thrown out by the high court makes me very disappointed about CBI’s competence. Both ED and CBI have a poor track record of convictions. So what is there for the capital markets if the guilty do not get convicted because the investigative agencies are so poor in their work or even if they are innocent, they get arrested on such flimsy grounds. It is a very sad day for the capital markets when you see such things happening and for the public at large. If they are innocent,then a grave injustice has been done to them by dragging their name through all of this for years and years.Ifthey are guilty,then a grave injustice has been done to the people of this country and they have gone scotfree for so long!

What could be holding CBI back in a case like this where transactions are digital?
It shows the CBI is professionally incompetent and they are India’s premier criminal agency. From the evidence that is in the public domain, it seems clear that the ICICI Bank board clearly passed its own verdict first. They defended her and when the media started highlighting and new disclosures appeared every day, they appointed the Srikrishna Committee. Apparently the Srikrishna Committee report indicted her and then the board sacked her. After that, the ICICI board very clearly did not want anything to do with her. As an analyst, I am quite clear that with such allegations, the person is not fit to be anywhere near the higher echelons of a financial institution and definitely not a bank. To me, the CBI should have acted much earlier. They filed this FIR in early 2019 and it took them three-four years to arrest the culprits and that too on such flimsy grounds. It appears that they solely arrested her just to disrupt the wedding and therefore probably for publicity. They did not even adhere to some very basic procedures in arresting her. The public loses confidence in the professional competence of your premiere criminal investigating bodies and CBI is the country’s premier investigating body.