Ex-CEO Chanda Kochhar and her husband, co-owner of Videocon, Deepak Kochhar, were detained on December 23, 2022. She was accused of transferring substantial sums of cash to Videocon.
What happened with Ex-CEO of ICICI bank
Chanda Kochhar, a former CEO of ICICI Bank, was charged with transferring millions of rupees to Videocon Group, which was eventually acquired by her husband, Deepak Kochhar. Due to their involvement in the ICICI-Videocon loan scam case, the CBI detained both of them.
According to the FIR, Chanda Kochhar, her husband, Deepak Kochhar, and Venugopal Dhoot of the Videocon Group violated sections under the IPC related to criminal conspiracy and the prohibitions of the Prevention of Corruption Act. Npower Renewables, Supreme Energy, Videocon International Electronics Ltd, and Videocon Industries Limited were accused of the same too.
She is alleged to have approved “high-value” loans to Videocon Industries, and in exchange, the owner of Videocon invested in NuPower Renewables, a business created by the former CEO’s husband, Deepak Kochhar.
According to reports, Chanda Kochhar transferred a sizable sum of money to Venugopal Dhoot, the promoter of the Videocon group, in both 2019 and 2011. On the other hand, the CBI also charged her husband, Deepak Kochhar, and Venugopal Dhoot along with a few others in a case involving a criminal conspiracy. The latter was reported to have used a loan from the ICICI Bank to invest millions of rupees in NuPower Renewables.
Case of the ICICI Bank – Videocon money – laundering fraud
According to the ICICI Bank case, the former CEO of ICICI transferred Rs 3,250 crore to Venugopal Dhoot, the promoter of the Videocon firm, while she was the CEO of the Bank.
Only 8 of the 28 suggestions the promoter made to the former CEO were approved, leading to these transactions. However, Chanda Kochhar was a member of the committee that recommended sanctions for these 4 sanctioned proposals.
The loan that was approved was for Rs 1,875 crore, and the majority of it was in a flagrant breach of ICICI Bank policies and banking rules.
Within months of the sanctions being authorized, the former CEO’s spouse Deepak Kochhar owned a loan in NuPower Renewables for roughly 64 crores. At the time, she functioned as the CEO and Managing Director of ICICI Bank.
But a large portion of this loan was described as being a part of a trade-off. The sanctioned loans were kept current, according to the Enforcement Directorates (ED), through refinancing loans. These loans, which amounted to Rs 1, 730 crores, went into default in June 2017.
Prior arrests
In 2018, Due to a multi-million-dollar scheme in which she and her husband were accused of all allegations, she was requested to resign as the CEO of the ICICI Bank.
In the following year, according to the CBI, she transferred loans to other private entities together with others in an effort to defraud the ICICI Bank. Chanda Kochhar, Deepak Kochhar, and Venugopal Dhoot’s homes and offices were searched by the Enforcement Director.
In accordance with the Prevention of Money Laundering Act (PMLA), Chanda Kochhar was detained by the ED in September 2010 in connection with an alleged money laundering case. In connection with the same matter in 2019, the Enforcement Directorate detained her once more.
