CBI arrests ex-ICICI Bank CEO Chanda Kochhar, husband in loan fraud case

The Central Bureau of Investigation (CBI) today arrested former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar in the loan fraud case involving Videocon Group. The CBI arrested the couple as part of its investigation into a loan fraud case involving the ICICI Bank and the Videocon Group. The CBI had booked Chanda Kochhar, her husband and Venugopal Dhoot of Videocon Group, along with 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, they said.

59-year-old Chanda Kochhar had quit as CEO and managing director of ICICI Bank in October 2018 after allegations surfaced that she favoured Videocon Group and bypassed procedures to sanction a loan. The CBI had accused Chanda Kochhar of criminal conspiracy and cheating in the alleged irregularities of the loan of Rs 3,250 crore given to the Videocon group in 2012. The loan later turned a non-performing asset for the ICICI Bank. The CBI had said in its 2019 FIR that some loans were allegedly sanctioned to private companies in a criminal conspiracy with others to cheat ICICI Bank.

A whistleblower had alleged that the Kochhar family benefited from the Videocon deal. However, Chanda Kochhar had denied the allegations. "I reiterate that none of the credit decisions at the bank are unilateral ... the organisation design and structure obviate the possibility of conflict of interest," she had said in a statement.

In February last year, a special PMLA court had granted bail to Kochhar in connection with the ICICI Bank-Videocon money laundering case on a bond of Rs 5 lakh. The court had asked her not to leave the country without the permission of the court.

Earlier, the ED had filed a chargesheet in the case. The ED has alleged that Rs 64 crore, out of a loan amount of Rs 300 crore sanctioned by a committee of ICICI Bank headed by Chanda Kochhar to Videocon International Electronics Limited, was transferred to Nupower Renewables Pvt Ltd (NRPL) by Videocon Industries on September 8, 2009, a day after the disbursement of loan. Kochhar had a 50% stake in the Nupower. The investigating agencies referred the Rs 64 crore amount as a quid pro quo.