Arun Jaitley hits out at CBI on bankers

New Delhi: A day after the CBI named banking doyen K.V. 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.

Mr 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 Ms 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 Cha-rtered Bank CEO Zarin Daruwala, Tata Capital head Rajiv Sabharwal and Tata Capital senior advisor Homi Khusro-khan need to be investigated for high-value loans ICICI Bank sanctioned under Ms Kochaar to Videocon Industries.

It alleged that the loans were extended in violation of the bank’s lending policies and in exchange for an investment by the consumer electronics firm’s owner in a business headed by Ms Kochhar’s husband.

“There is a fundamental difference between investigative adventurism and professional investigation,” Jaitley wrote.

“When I read the list of potential targets in the ICICI case, the thought that crossed my mind was again the same. Instead of focusing primarily on the target, is a journey to nowhere (or everywhere) being undertaken? If we include the entire who’s who of the banking industry with or without evidence what cause are we serving or actually hurting.”