Loan Fraud Case: CBI Arrests Ex-ICICI Bank CEO Chanda Kochhar & Husband

Picture courtesy indiatribune.com

Mumbai: The Central Bureau of Investigation (CBI) on Friday arrested former ICICI Bank CEO Chanda Kochhar and her husband Deepak in connection with a loan fraud case.

CBI has been investigating the case related to loans sanctioned to Videocon when Kochhar was at the helm of the private bank.

CBI has accused Chanda of criminal conspiracy and cheating for alleged irregularities in a loan of Rs 3,250 crore given in 2012 to Videocon Group, which became a non-performing asset for ICICI Bank.

A whistleblower alleged that Chanda’s husband Deepak and her family members benefited from the dealings.

In an FIR registered under IPC sections related to criminal conspiracy and provisions of Prevention of Corruption Act, CBI had named Chanda, Deepak and Venugopal Dhoot of Videocon Group, along with some companies — Nupower Renewables, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Limited — as accused.

The 59-year-old Chanda quit as CEO and MD of ICICI Bank in October 2018 following allegations that she favoured Videocon Group, a consumer electronics company and oil and gas exploration firm vis-à-vis lending practices.

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