CBI arrests ex-ICICI Bank CEO and husband over Videocon Loan Fraud Case
By MYBRANDBOOK
The Central Bureau of Investigation has arrested former ICICI bank CEO Chanda Kochhar and her husband Deepak Kochhar for allegedly being involved in a fraud case related to loans given to Videocon Group.
According to reports, Chanda Kochhar had resigned as CEO and Managing Director of ICICI Bank in October 2018 over allegations that she had favoured Videocon Group, a consumer electronics and oil and gas exploration company, in the bank’s lending practices.
The central agency had earlier booked Chanda Kochhar, her husband and Venugopal Dhoot of Videocon Group, along with companies Nupower Renewables, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Limited, as accused in the FIR registered under Indian Penal Code (IPC) sections related to criminal conspiracy and provisions of the Prevention of Corruption Act.
The CBI had alleged that ICICI Bank had sanctioned credit facilities to the tune of Rs 3,250 crore to the companies of Videocon Group promoted by Venugopal Dhoot in violation of the Banking Regulation Act, RBI guidelines, and credit policy of the bank.
It is alleged that Videocon promoter Venugopal Dhoot had reportedly invested crores of rupees in Nupower months after the Videocon Group got Rs 3,250 crore as loan from ICICI Bank in 2012. CBI, after filing of the FIR in 2019, in a statement said that the accused had sanctioned certain loans to private companies in a criminal conspiracy with others to cheat ICICI Bank.
According to a whistleblower, Kochhar’s husband Deepak Kochhar and her family members had benefited from the dealings. Saying that she violated the bank's code of conduct and internal policies, ICICI in 2019 said it would treat Kochhar’s resignation as “termination for cause”.
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