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CBI arrests former ICICI CEO Chanda Kochhar and Deepak Kochhar in loan fraud case

Ex-ICICI Bank CEO Chanda Kochhar Arrest: ICICI Bank had given a loan of Rs 3,250 crore to Videocon Group. Videocon Group did not repay 86 percent (about Rs 2810 crore) of this loan. In 2017, this loan was put in NPA (Non Performing Assets).

By Ruchi Upadhyay 
Updated Date

New Delhi: The CBI has arrested former CEO of the bank Chanda Kochhar and her husband Deepak Kochhar in the ICICI Bank Loan Fraud Case. In March 2018, Chanda Kochhar was accused of misusing her position to provide financial benefits to her husband. Chanda Kochhar was part of the committee that approved Rs 300 crore to Videocon International Electronics on 26 August 2009 and Rs 750 crore to Videocon Industries Limited on 31 October 2011. This decision of the committee violated the regulation and policy of the bank.

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In May 2020, the Enforcement Directorate (ED) questioned Chanda Kochhar and her husband in a loan of crores of rupees and other matters related to it. This loan was given by ICICI Bank to Videocon in 2009 and 2011. Chanda Kochhar was the MD and CEO of the bank at that time. The CBI had registered an FIR in this case. After this ED arrested Chanda Kochhar’s husband Deepak Kochhar.

Chanda Kochhar joined ICICI Bank in 1984 as a Management Trainee. When ICICI became a wholly owned banking company in 1994, Chanda Kochhar was made the Assistant General Manager. After this, Chanda Kochhar continued to climb the stairs of success. Through the posts of Deputy General Manager, General Manager, the bank made him Executive Director in 2001. After this he was entrusted with the responsibility of looking after the corporate business. Then she was made the Chief Financial Officer.

In 2009, Chanda Kochhar was made the CEO and MD. Under the leadership of Chanda Kochhar, ICICI Bank stepped into the retail business, in which it got immense success. It is a proof of his merit and his contribution in the banking sector that the Government of India awarded Chanda Kochhar with its third highest civilian honor Padma Bhushan (in 2011). Chanda Kochhar resigned in October 2018 following allegations of impropriety by the bank’s borrower company Videocon Industries regarding investments in Kochhar’s husband’s company.

Ms Kochhar, who worked at India’s third-biggest lender for over three decades, rising through the ranks to become one of the most influential women bankers, has denied any wrongdoing.

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“I reiterate that none of the credit decisions at the bank are unilateral … the organisation design and structure obviate the possibility of conflict of interest,” she had said in a statement.

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