CBI arrests former ICICI CEO Chanda Kochhar & her husband in bank fraud case

The Central Bureau of Investigation (CBI), on Friday, has arrested former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar. The arrest was made in connection to a bank fraud case linked to ICICI and Videocon group. The Kochhar couple is under scanner for the alleged cheating and irregularities in loans sanctioned by the bank to the group in 2012.

In the FIR filed by the CBI, it has named the couple along with Venugopal Dhoot of Videocon Group. The FIR also mentions the companies Nupower Renewables, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Limited, as accused in the FIR registered under IPC sections related to criminal conspiracy and provisions of the Prevention of Corruption Act. 

In the FIR field in 2019, the CBI alleges that Chanda Kochhar sanctioned Rs 3,250 crore as loan from ICICI Bank in 2012 and Dhoot invested crores just months later in Nupower. It further alleged that the accused sanctioned certain loans to private companies in a criminal conspiracy with others to cheat ICICI Bank.

Chanda Kochhar had resigned as the CEO of ICICI Bank in 2018 after an investigation was launched into the case which was filed by the Enforcement Directorate (ED) citing a scam of Rs 3,000 crore. The case became even strong when an employee revealed that the Kochhar family had benefitted immensely through the deal with Videocon. Chanda Kochhar, however, who worked in ICICI for over three decades denied her involvement in the alleged scam. Apart from the couple, Rajiv Kochhar, her brother-in-law has also been grilled by the ED for his alleged links to the scam. The ED even raided the residences of all of those involved in 2019. 

Moreover, the CBI revealed that six loans worth Rs 1,879 crore were sanctioned to Videocon and other private companies between June 2009 and October 2011. In 2012, these loans were declared non-performing assets in 2012 which caused a loss of Rs 1,730 crore to ICICI.

(This is a developing story. More details to follow)