ICICI Ex-CEO & Husband Arrested For a 3,250 Cr Fraud
ICICI Bank Ex-CEO Chanda Kochhar and her husband Deepak Kochhar were arrested by the CBI on Friday, 23rd of December in a massive fraud case.
ICICI Bank is one of India’s largest and most trusted private sector banks and has continued to gain prominence among customers in the last many years. Notably, ICICI Bank is also India's third-biggest lender for over the last three decades. However, in 2013 the bank came under the radar after a 3,250 Crore Loan Scam was busted, which was allegedly done by the bank’s own former CEO & MD along with her husband. Chanda Kochhar along with her husband Deepak Kochhar has been accused of criminal conspiracy and cheating by the CBI for alleged irregularities in a loan of ? 3,250 crore in 2012 to the Videocon Group, which became a non-performing asset for the ICICI Bank.
Chanda Kochhar, who is now around 59 years old, had quit as CEO and managing director of ICICI Bank in October 2018 over allegations that she favoured Videocon Group, which is a consumer electronics and oil and gas company. Saying that she violated the bank's code of conduct and internal policies. An employee working in the ICICI alleged that Ms Kochhar's husband, Deepak Kochhar, and her family members benefited from the dealings with the Videocon group. According to the charges in the case, former Videocon chairman Venugopal Dhoot allegedly invested crores of rupees in NuPower Renewables, a company which was founded by none other than Mr Deepak Kochhar. The investment was made just a few months after the Videocon group was granted a loan by the ICICI Bank. Moreover, the loan was later cleared by a committee of which Ms Kochhar was a member, alleges the CBI. The agency said that she misused her official position and got illegal benefits through her husband from Videocon for sanctioning ? 3,250 crores to Videocon. Notably, this 3,200 crore loan was a part of ? 40,000 crore loan, which Videocon got from a group of 20 banks led by the State Bank of India.
Now, to the latest development in the case the ICICI Bank Ex-CEO Chanda Kochhar and her husband Deepak Kochhar were arrested by the CBI on Friday, 23rd of December in this case linked to alleged irregularities in an over ? 3,250-crore loan provided to the Videocon Group when she was heading the bank. However, Ms Kochhar, who rose through the ranks to become one of the most influential women bankers once, has denied any allegations. What do you think about this alleged 3,250 Crore fraud case on Ms Kochhar & her Husband? Do mention your thoughts in the comment section below.
