Videocon-ICICI Case: Former CEO Chanda Kochhar, husband Deepak in CBI custody for 3 days

Pankaj Prasad
Former ICICI Bank CEO Chanda Kochhar
Former ICICI Bank CEO Chanda Kochhar

Former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar have been sent to CBI custody for three by a special court.

Former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar have been sent to CBI custody for three by a special court. In this case of Videocon-ICICI Bank fraud, the CBI had arrested both of them on Friday. After this, the CBI had asked the court for three days' custody of both the accused. It is being told that along with Chanda and Deepak Kochhar, CBI has also arrested Venugopal Dhoot of Videocon Group.

Significantly, this matter is related to a loan of about Rs 3250 crore. It is alleged that ICICI Bank had committed irregularities in giving this loan to the Videocon group. Chanda Kochhar was the CEO of the bank when this fraud was taking place. There was a ruckus in this case in February 2019 when the Enforcement Directorate (ED) filed a criminal case. Under this, action was taken against the accused. Chanda Kochhar is accused of discrimination and favoring the Videocon group.

Allegation- ICICI Bank gave a loan of Rs 1875 crore to Videocon Group and its related companies keeping the rules in check. This loan was given between the years 2009 to 2011. Apart from this, loans were also given to Nupower Renewables, Supreme Energy, Videocon International Electronics Limited. According to the information, these loans were given by keeping the rules completely on hold. Even the policy of ICICI Bank was not taken care of while giving this loan.

Chanda Kochhar's husband benefitted - Investigators

A few months later, Venugopal Dhoot's Supreme Energy gave a loan of Rs 64 crore to Nupower Renewables. Chanda Kochhar's husband Deepak Kochhar has 50 per cent stake in this company. Investigators allege that this loan was given to benefit each other. In the month of June 2017, many loans given to Videocon Group became NPA.

Trainee-turned-CEO Chanda Kochhar

Chanda Kochhar, who was included in Forbes magazine's list of 'World's Most Powerful Women', joined ICICI Bank in 1984 as a trainee. In 2009, Chanda Kochhar was made the CEO and MD of the bank.