Chanda Kochhar, the former managing director and chief executive officer of ICICI Bank, and her husband Deepak Kochhar have been taken into custody by the Central Bureau of Investigation. The arrest relates to claims that Chanda Kochhar fraudulently granted loan to the Videocon Group of Companies while she was in charge of business at ICICI Bank.
Her spouse Deepak Kochhar’s business, NuPower Renewable, received funding from Videocon Group as payment.
The loan to Videocon was eventually classified as ‘bank fraud’ after it became a non-performing asset (NPA).
The Enforcement Directorate detained Deepak Kochhar in September 2020.
In 2012, Chanda Kochhar was the head of ICICI Bank and is accused of lending Rs 3,250 crore to the Videocon Group. Six months later, Kochhar’s 50%-owned NuPower Renewables received a Rs 64 crore loan from Venugopal Dhoot’s Supreme Energy.
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