On Monday, the Central Bureau of Investigation (CBI) of India informed a special court that Chanda Kochhar, the former CEO and MD of ICICI Bank, had misused the bank’s funds for personal purposes in a case involving cheating and irregularities in loan approvals.
According to the CBI, Chanda Kochhar had purchased a luxurious apartment for a mere $13,418 and received over $7 million as “illegal gratification.”
In its chargesheet, the CBI stated that Kochhar had granted loans to ineligible companies within the Videocon Group. The prosecutor further alleged that she had accepted a gratuity of $64 million.
The chargesheet also revealed that Kochhar’s family had benefited from the transfer of a flat in Mumbai’s Churchgate area, which was reportedly owned by Videocon.
The CBI presented its arguments in the special court through special public prosecutor A Limosin. The prosecutor aimed to persuade the court to acknowledge the chargesheet filed against Chanda Kochhar, her husband Deepak Kochhar, and others in the case.
The CBI informed the court that Chanda Kochhar held office from May 2009 to January 2019 and had authority over the bank’s funds during that period. They argued that she was obligated to handle such responsibility in accordance with the Reserve Bank of India guidelines and ICICI Bank’s loan policies.
The government agency also alleged that Kochhar conspired with other accused individuals to approve or obtain credit facilities in favor of Videocon group companies.
Chanda Kochhar resigned from her position in 2018 and was subsequently terminated by ICICI Bank. The Supreme Court of India upheld the decision.
She has been accused of money laundering and was arrested by the CBI in December 2022 in connection with alleged loan fraud charges. The case was filed in 2019, relating to the granting of high-value loans to Videocon with conspiracy dating back to 2009.
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