Ex-ICICI Bank CEO Chanda Kochhar, husband Deepak arrested in loan fraud case

Chanda Kochhar, 59, had quit as CEO and managing director of ICICI Bank in October 2018 over allegations that she favoured Videocon Group, a consumer electronics and oil and gas exploration company.

The CBI alleged that she violated the bank's code of conduct and internal policies.

She has been accused of criminal conspiracy and cheating by the probe agency for alleged irregularities in a loan of Rs. 3,250 crores in 2012 to the Videocon Group, which became a non-performing asset for the ICICI Bank.

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

Last year, the ED had filed a criminal case under the Prevention of Money Laundering Act (PMLA) Chanda Kochhar, her husband and Venugopal Dhoot of Videocon Group to investigate alleged irregularities and corrupt practices in sanctioning ₹ 1,875 crore in loans by ICICI Bank.

The probe agency had also attached assets worth Rs. 78 crore in connection with a money laundering case.

As per reports, since Deepak Kochhar was not cooperating with the agency, therefore he was placed under arrest.

Reports said Dhoot had provided Rs 64 crore to a firm called NuPower Renewables Pvt Ltd that he had set up with Deepak and two relatives six months after the Videocon group got Rs 3,250 crore as loan from ICICI Bank in 2012. Rs 2,810 crore of the loan remains unpaid.