New Delhi: The Central Bureau of Investigation (CBI) on Friday arrested former CEO and managing director of ICICI Bank Chanda Kochhar and her husband Deepak Kochhar in connection with the ICICI Bank-Videocon loan fraud case.
Chanda Kochhar quit as the CEO of ICICI Bank in 2018 over allegations that they favoured Videocon Group, a consumer electronics and oil and gas exploration company.
According to the charges in the case, former Videocon chairman Venugopal Dhoot allegedly invested crores of rupees in NuPower Renewables, a company founded by Mr Kochhar, months after the Videocon group was granted a loan of Rs. 3,250 by the bank in 2012.
CBI alleged that the loan was cleared by a committee of which Ms Kochhar was a member. The agency says she abused her official position and “got illegal gratification/undue benefit through her husband from Dhoot for sanctioning ₹ 300 crore to Videocon.”
It was part of a ₹ 40,000 crore loan which Videocon got from a consortium of 20 banks led by the State Bank of India.
In 2019, the Enforcement Directorate (ED) slapped money laundering charges against the Kochhar couple and their business entities for “illegal sanctioning of loans amounting to Rs 1,875 crore to the Videocon Group of companies” and interrogated the Kochhars several times in the past.
In 2020, Deepak Kochhar was arrested by the ED under sections of the Prevention of Money Laundering Act (PMLA).
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