Ex-ICICI Bank CEO Chanda Kocchar, husband arrested for over Rs 3,000 crore fraud

CBI on Friday arrested former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar for alleged irregularities in an over Rs 3,000 crore load given to the Videocon Group when she was heading the bank. 

59-year-old Chanda Kochhar quit as the CEO and managing director of ICICI Bank in October 2018 over allegations that she favoured Videocon Group, a consumer electronics and oil and gas exploration company.

ICICI bank, a year later said that she violated the bank’s code and her exit would be treated as ‘termination for cause’. CBI accused her of criminal conspiracy and cheating in 2012. 

Reports suggest that even her family benefitted from the deal. According to the charges in the case, former Videocon chairman Venugopal Dhoot allegedly invested crores of rupees in NuPower Renewables, a company founded by Mr Kochhar, months after the Videocon group was granted a loan by the bank.

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Ms Kochhar, who worked at India’s third-biggest lender for over three decades, rising through the ranks to become one of the most influential women bankers, has denied any wrongdoing.

“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.

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