The Central Bureau of Investigation (CBI) on Saturday produced ICICI’s bank Ex- CEO Chanda Kocchar and her husband Deepak Kocchar before a special court in Mumbai, seeking a 3-day custody for the couple.
Chanda Kocchar and her husband Deepak Kocchar were arrested on Friday by the CBI as they were found linked to a case of fraud of about ₹3,250 crore loan provided to the Videocon Group.
According to the reports the irregularities in the loan given to the Videocon group was found when Chanda Kocchar was CEO of the bank. Chanda Kocchar resigned as the CEO in October 2018 over the allegations that she favoured Videocon group, a consumer electronics and oil and gas exploration company.
According to the reports, Videocon promoter Venugopal Dhoot has invested crores of rupees after getting a loan of about ₹3250 crore from ICICI Bank in 2012 said by CBI. All these irregularities of the loan occurred between 2008 to 2012 when Chanda Kocchar was the CEO.
According to some reports, these dealings benefitted Kocchar’s husband and her family too. Saying that she violated the bank’s internal policies and code of conduct, Kocchar’s resignation was treated as “termination for cause”.
The CBI had named the Kochhars and Dhoot, along with companies Nupower Renewables (NRL) managed by Deepak Kochhar, Videocon International Electronics Ltd, supreme energy and Videocon Industries Limited.
