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Ex-ICICI Bank CEO Chanda Kochhar, Husband Arrested In Loan Fraud Case

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Batori24 Bureau
Batori24 Bureau
Batori24 is a Vernacular based Assamese news portal based in Guwahati Assam. We are a dedicated news channel covering news and stories across the globe with special reference to Assam, north-east along with National and International news.

The CBI arrested former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar on Friday in connection with alleged irregularities in a $3,000-crore loan provided to the Videocon Group while she was CEO of the private sector bank.
Chanda Kochhar, 59, resigned as CEO and MD of ICICI Bank in October 2018 amid allegations that she favoured Videocon Group, a consumer electronics and oil and gas exploration firm.

ICICI said a year later that Ms Kochhar’s departure would be treated as “termination for cause,” citing violations of the bank’s code of conduct and internal policies.

The CBI has charged her with criminal conspiracy and cheating for alleged irregularities in a 3,250 crore loan to the Videocon Group in 2012, which became a non-performing asset for the ICICI Bank.

 

A whistleblower claimed that Ms Kochhar’s husband, Deepak Kochhar, and other members of her family benefited from the transactions.

According to the charges, former Videocon chairman Venugopal Dhoot allegedly invested crores of rupees in NuPower Renewables, a company founded by Mr Kochhar, months after the Videocon group received a loan from the bank.

Also Read: CBDC vs UPI: RBI Governor Shaktikanta Das Explains The Difference

According to news agency PTI, the central agency had previously charged Chanda Kochhar, her husband, and Venugopal Dhoot of Videocon Group, as well as companies Nupower Renewables, Supreme Energy, Videocon International Electronics Ltd, and Videocon Industries Limited, in a FIR filed under Indian Penal Code (IPC) sections related to criminal conspiracy and provisions of the Prevention of Corruption Act.

According to reports, Chanda Kochhar, 59, resigned as CEO and managing director of ICICI Bank in October 2018 amid allegations that she favoured Videocon Group, a consumer electronics and oil and gas exploration firm, in the bank’s lending practises.

Chanda Kochhar became the youngest CEO and the first woman to lead a major Indian bank in 2009. In 1984, she started as a management trainee at the bank. Kochhar, who is also a champion of several social causes, has a long list of honours to her name. She was named to Forbes International’s ‘World’s 100 Most Powerful Women’ list seven years in a row, and Fortune India’s ‘Most Powerful Women in Business’ list five years in a row. She was also named one of the world’s 100 Most Influential People by TIME magazine.

The UPA government bestowed the highest honour on Kochhar in 2010, when she was awarded the Padma Bhushan, India’s highest civilian award, for business achievements. In 2019, it was reported that the NDA government was considering reclaiming the coveted award from the disgraced banker.

 

 

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