CBI arrests former ICICI Bank CEO Chanda Kochhar, husband Deepak Kochhar in Rs 3,250 crore Videocon loan fraud case

The Central Bureau of Investigation (CBI) on Friday arrested former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar in a case linked with the ICICI-Videocon loan fraud case.

The Kochhars will be produced before a special CBI court on Saturday. Following their medical examination, they will presumably be kept in separate lockups on the ground floor of the 11-story agency headquarters.

The arrest was made in connection with the suspected irregularities in a loan of Rs 3,250 crore given to the Videocon Group when she was in charge of the private sector bank. As a quid pro quo, Videocon invested in her husband Deepak’s company NuPower Renewable.

CBI booked Chanda for misusing her position in the ICICI Bank by giving a loan to the former Videocon chairman Venugopal Dhoot who allegedly invested crores in her husband’s company. According to the whistleblowers, Kochhar’s husband Deepak Kochhar and other members of her family allegedly benefitted from the dealings.

Due to this multi-crore scam, Chanda Kochhar resigned from her position in the ICICI bank in 2018 as the probe got underway. She and her spouse had fiercely denied all of the allegations.

In 2019, the ED raided the residences and the offices of Chanda Kochhar, her husband and Dhoot. In connection with the matter, the ED questioned Venugopal Dhoot last month.

It is claimed that between 2009 and 2011, six loans totaling Rs 1,875 crore were waived off for the Videocon Group and its affiliated businesses during Chanda Kochhar’s time as CEO of ICICI Bank.

The agency said the loan was sanctioned by a committee of which Kochhar was a member. According to the agency, she abused her position and received illicit gratification or undue benefit from Dhoot through her husband in exchange for approving Rs 300 crores to Videocon.

Chanda Kochhar took over the charge of ICICI Bank as Managing Director and CEO on May 1, 2009.