The Central Bureau of Investigation (CBI) has arrested former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar in the Videocon case.
The CBI had said in a statement after filing the FIR in 2019, It was alleged that the accused sanctioned certain loans to private companies in a criminal conspiracy with others to cheat ICICI Bank.
The accused in the FIR is registered under IPC sections that are related to criminal conspiracy and provisions of the Prevention of Corruption Act.
They have been booked along with Venugopal Dhoot of Videocon Group, along with companies Nupower Renewables, Supreme Energy, Videocon International Electronics Ltd, and Videocon Industries Limited.
CEO and Managing Director Chanda Kochhar
They have been arrested by the CBI in connection with alleged cheating and irregularities in loans sanctioned by the bank to the group in 2012. She has held some important portfolios like Managing Director, CEO, and CFO in ICICI bank.
In May 2018, ICICI Bank initiated an inquiry against Kochhar. The former CEO went on leave thereafter and later applied for early retirement. However, The application was accepted.
On November 10, the Bombay High Court said the termination of Chanda Kochhar from the post of CEO of ICICI Bank was prima facie “valid termination”. The court had dismissed her interim application seeking post-retirement benefits. Chanda Kochhar holds a house the estimated value of this house is believed to be around Rs.1.1 crores. Apart from this expensive villa, She also owns multiple real-estate properties in and across Mumbai.
What is Videocon money laundering scam case?
Videocon promoter Venugopal Dhoot allegedly invested crores of rupees in Nupower months after the Videocon Group got Rs 3,250 crore as a loan from ICICI Bank in 2012.
The ICICI Bank sanctioned loans worth Rs. 1,875 crores to the Videocon Group and the companies associated with it between 2009 and 2011. Most of these loans were in complete violation of banking regulations and ICICI Bank policies.
