Former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar were sent to CBI custody till Monday (December 26) in connection with alleged fraud and irregularities in a loan sanctioned by the bank to Videocon Group of Companies in 2012.
Just a day earlier, the Central Bureau of Investigation (CBI) arrested former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar in the Videocon fraudulent loan case. The loan given to Videocon turned into Non Performing Assets (NPA) and was later termed as Bank Fraud.
What was the ‘Videocon Fraud Loan Case’?
According to reports, Videocon promoter Venugopal Dhoot allegedly invested crores of rupees in NuPower after the Videocon group got a loan of Rs 3,250 crore from ICICI Bank in 2012.
The CBI, after registering the FIR in 2019, had said in a statement that it was alleged that the accused had sanctioned certain loans to private companies in a criminal conspiracy to defraud ICICI Bank.
Notably, the Enforcement Directorate (ED) had also registered a money laundering case against the Kochhars, Dhoots and others following the FIR lodged by the CBI.
Read also: Videocon loan case: Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar, gets bail