Chanda Kochhar, a former managing director and chief executive officer of ICICI, and her husband, Deepak Kochhar, a successful businessman, were taken into custody on Friday by the Central Bureau of Investigation (CBI) in connection with a case involving cheating and criminal conspiracy.The Kochhar family is allegedly being investigated in connection with a loan that was granted by a private bank when Chanda Kochhar served as the CEO of that bank, according to sources.It is anticipated that the two will be brought before a specialized court on Saturday for violation of their release conditions.
Chanda Kochhar, the former chief executive officer of ICICI Bank, and Deepak Kochhar, her husband, were taken into custody on Friday by agents of the Central Bureau of Investigation (CBI) for their suspected participation in a fraud case involving loans made to the Videocon Group.It has been reported that Chanda Kochhar, who was serving as the CEO of the private sector bank at the time, was responsible for the irregularities that occurred in the lending practices involving the Videocon Group.
According to a report by the news agency PTI, the central agency had previously booked Chanda Kochhar, her husband, and Venugopal Dhoot of Videocon Group as accused parties in the FIR registered under sections of the Indian Penal Code (IPC) related to criminal conspiracy and provisions of the Prevention of Corruption Act. In addition, the agency had booked the companies Nupower Renewables, Supreme Energy, Videocon International Electronics Limited, and Videocon Industries Limited as accused parties in the FIR.Reports indicate that Chanda Kochhar, 59 years old at the time, resigned from her positions as CEO and managing director of ICICI Bank in October 2018 due to allegations that she had favored Videocon Group, a consumer electronics and oil and gas exploration company, in the bank's lending practices. Videocon Group is an enterprise that explores for oil and gas.
