Ex-ICICI Bank CEO Chanda Kochhar, Husband Arrested by CBI in Videocon Loan Fraud Case | Details Here

The Central Bureau of Investigation (CBI) on Friday arrested former ICICI CEO Chanda Kochhar and her husband Deepak Kochhar in a money laundering case involving a loan from the ICICI bank and the Videocon Group. The group had taken a loan of Rs 3,250 crore from the bank in 2012.

Venugopal Dhoot of the Videocon Group, along with companies Nupower Renewables, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Limited was also arrested, a PTI report said.

Here’s all you need to know about loan fraud:

1. ICICI Bank had allegedly sanctioned loans worth ₹1,875 crore to the Videocon Group and the companies associated with it between 2009 and 2011.
2. Apart from Videocon, loans were sanctioned to companies Nupower Renewables, Supreme Energy, Videocon and International Electronics Ltd.
3. Most of these loans were in complete violation of banking regulations and also did not adhere to ICICI Bank policies.
4. Back then, Chanda Kochhar was the CEO and Managing Director of the ICICI Bank at the time, and was also a part of sanctioning committee.
5. Within months of sanctioning of the loans, Venugopal Dhoot’s Supreme Energy had granted a loan of ₹64 crore to NuPower Renewables, in which Deepak Kochhar had 50% stake.
6. Investigators allege the ₹64 crore loan to Kochhar’s firm was part of a quid pro quo deal.
7. Most of the loans sanctioned by ICICI Bank to Videocon turned NPA in June 2017.
8. In 2019 CBI registered an FIR. Later ED arrested Deeoak Kochar and he was out on bail.
9. Dhoot, Chanda Kochhar and her husband have been named as accused in the FIR registered under IPC sections related to criminal conspiracy and provisions of the Prevention of Corruption Act.
10. He had allegedly invested crores of rupees in Nupower months after the Videocon Group got the hefty loan.

Some loans were allegedly sanctioned to private companies in a criminal conspiracy with others to cheat ICICI Bank, the CBI had said in a statement after filing of the FIR in 2019.

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