Ex-ICICI bank CEO Chanda Kochhar, husband Deepak Kochhar arrested in Videocon loan fraud case

The CBI arrested former ICICI bank CEO Chanda Kochhar and her husband Deepak Kochhar on Friday, December 23 as part of its investigation into a money laundering case involving the bank and the Videocon group.

Chanda Kochhar, 59, is accused of favouring Videocon Group, a consumer electronics and oil and gas exploration firm, in the bank's lending policies. In October 2018, she resigned as CEO and Managing Director of ICICI Bank.
The CBI has charged her with criminal conspiracy and cheating for suspected irregularities in a Rs 3250 crore loan made to the Videocon Group in 2012, which became a non-performing asset for the ICIC Bank.

The transactions, according to a whistleblower, benefited Kochhar and her family.

In 2019, ICICI declared that Kocchar's departure will be considered "termination for cause" because she had violated the bank's internal standards and code of conduct.

Kocchar, one of the most powerful female bankers who spent more than three decades working at India's third-largest institution, has denied any misconduct.
 

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