Chanda Kochhar fraudulently disbursed a loan to the Videocon Group of Companies

Photo Credit : Twitter ,

New Delhi, December 23

The Central Bureau of Investigation (CBI) arrested the former managing director and chief executive officer of ICICI Bank, Chanda Kochhar, and her husband, Deepak Kochhar.

The CBI stated that the arrest has been done in connection with Chanda Kochhar fraudulently disbursed a loan to the Videocon Group of Companies.

As a quid pro quo, her husband Deepak Kochhar's company, namely, NuPower Renewable, received an investment from Videocon Group.

As per the case details, the loan to Videocon turned into a Non-Performing Asset (NPA) and later was deemed as a 'bank fraud'.
In September 2020, the Enforcement Directorate arrested Deepak Kochhar.

In 2012, Chanda Kochhar led ICICI Bank and allegedly gave a loan of Rs 3,250 crore to Videocon Group and six months later, Venugopal Dhoot-owned Supreme Energy gave a loan of Rs 64 crore to NuPower Renewables in which Kochhar has a 50 per cent stake.