Former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar were arrested by the CBI on Friday in a case linked to alleged irregularities in an over ₹ 3,000-crore loan provided to the Videocon Group when she was heading the private sector bank.
Chanda Kochhar, 59, quit as CEO and managing director of ICICI Bank in October 2018 over allegations that she favored Videocon Group, a consumer electronics and oil and gas exploration company.
Saying that she violated the bank’s code of conduct and internal policies, ICICI said a year later that it would treat Ms. Kochhar’s exit as “termination for cause”.
She has been accused of criminal conspiracy and cheating by the CBI for alleged irregularities in a loan of ₹ 3,250 crores in 2012 to the Videocon Group, which became a non-performing asset for the ICICI Bank.
A whistleblower alleged that Ms. Kochhar’s husband Deepak Kochhar and her family members benefited from the dealings.
According to the charges in the case, former Videocon chairman Venugopal Dhoot allegedly invested crores of rupees in NuPower Renewables, a company founded by Mr. Kochhar, months after the Videocon group was granted a loan by the bank.