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Former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar have been arrested in the Videocon loan case.

Clever Read by Clever Read
December 24, 2022
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Former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar have been arrested in the Videocon loan case.

CBI arrest ex-ICICI Bank CEO Chanda Kochhar
CBI arrest ex-ICICI Bank CEO Chanda Kochhar

The CBI on Friday arrested ICICI Bank’s former CEO and MD Chanda Kochhar and her husband Deepak Kochhar in connection with alleged fraud and irregularities in loans extended by the bank to Videocon group companies.

The Kochers were called to the agency headquarters and arrested after a brief interrogation session, they said.
The CBI has accused them of withholding their answers and not cooperating with the investigation.
Both the Kochhars will be produced before a special CBI court on Saturday.
After the medical examination, they will be kept in a separate lockup on the ground floor of the 11-storey agency headquarters.

Sources said the agency is likely to move at a faster pace to file the first chargesheet in the case, which could also name the Kochars along with Videocon Group’s Venugopal Dhoot.
The Kochars and Dood have been charged in the FIR registered under sections of the IPC related to criminal conspiracy and rules, along with Navadar Renewables (NRL) companies managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Ltd. In the Prevention of Corruption Act 2019, they said.
The CBI alleged that ICICI Bank extended credit facilities of Rs 3,250 crore to Videocon Group companies promoted by Dood in violation of the Banking Regulation Act, RBI guidelines and the bank’s lending policy.
As part of Quit Pro Go, Dood invested Rs 64 crore in Nupower Renewables through Supreme Energy Pvt Ltd (SEPL) and transferred SEPL to Deepak Kochhar-managed Pinnacle Energy Trust in a roundabout way between 2010. and 2012, the FIR alleged.
During Chanda Kochhar’s tenure at ICICI Bank, six loans worth Rs 1,875 crore were granted to Videocon Group and its affiliates during 2009-11. On two occasions, he was on sanctioning committees.
On August 26, 2009, Videocon International Electronics Limited (VIEL) paid Rs. 300 crore and Rs 750 crore to Videocon Industries Ltd on October 31, 2011 — Chanda Kochhar was on the approval committee that decided the two loans — the FIR alleged.
It was alleged that the loans were issued in violation of the bank’s laid down policies and regulations.
As most of these loans turned into non-performing assets, the bank incurred a loss of Rs 1,730 crore.
A day after ICICI Bank extended a Rs 300 crore loan to VIEL, Dood transferred Rs 64 crore to Deepak Kochhar-managed Nupower Renewables on September 8, 2009.
64 crore was transferred from Videocon Industries Limited through SEPL.
“This was the first major capital purchase of NRL (Nupower Renewables) power plant. Chanda Kochhar through her husband received illegal gratification and undue benefit for sanctioning a loan of Rs 300 crore to VIEL from VIL/VN ambassador,” the FIR alleged. .
On 1 May 2009, Chanda Kochhar took over as Managing Director and CEO of ICICI Bank.

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