The CBI has arrested former ICICI Bank CEO Chanda Kochhar and her husband in a loan fraud case. The Central Bureau of Investigation has arrested the former managing director and chief executive officer of ICICI Bank, Chanda Kochhar, and her husband, Deepak Kochhar. The arrest pertains to allegations that Chanda Kochhar, while she was placed at the helm of affairs at ICICI Bank, fraudulently disbursed a loan to the Videocon Group of Companies. Ex-ICICI Bank CEO Chanda Kochhar, husband arrested by CBI in loan fraud case.
As a quid pro quo, her husband Deepak Kochhar’s company, namely, NuPower Renewable, received an investment from Videocon Group.The loan to Videocon turned into a Non-Performing Asset (NPA) and later was deemed as a ‘bank fraud’.
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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.
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