CBI registers case in Chanda Kochhar case

India

24 Jan 2019

ICICI-Videocon case: CBI names Chanda Kochhar, her husband in FIR

On Thursday, the Central Bureau of Investigation filed an FIR naming former ICICI CEO Chanda Kochhar, her husband Deepak and Videocon head Venugopal Dhoot, in a case linked to alleged irregularities in sanctioning a loan.

The accused are charged with criminal conspiracy for cheating the bank and sanctioning loans to private companies.

The federal agency also conducted raids at four different locations in Mumbai, including Videocon Towers and Deepak's office.

CBI cracks down on Kochhars and others

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Context

Backstory: What is the case all about

Backstory: What is the case all about

The case involves a loan of Rs. 3,250 crore which was given to Videocon by ICICI in 2012.

Whistleblower Arvind Gupta claimed Kochhars and their relatives benefited from the dealings.

In return of favors given by ICICI, Videocon allegedly pumped money into NuPower Renewables, which is owned by Deepak.

As reports of corruption surfaced, an investigation was launched by several agencies.

Allegations

Understanding the charges on Chanda

Chanda allegedly violated rules by being part of quid pro quo dealings with certain bank-borrowers.

Notably, all the accused in the alleged Kochhar-Dhoot scam were shareholders in a suspicious firm named Credential Finance.

In 2009, to prevent the firm's liquidation, its 'well-wishers' paid Rs. 40 lakh.

Chanda became ICICI CEO in 2009. By 2010 she had either sold or transferred her Credential shares.

Probe

As allegations surfaced, ICICI launched a probe

As allegations surfaced, ICICI launched a probe

Despite the controversial accusations, ICICI initially maintained it had full faith in Chanda. But after allegations didn't stop, the bank launched a probe.

Several agencies also started investigating the case independently. From SEBI to banking regulator RBI and the US' SEC (Securities and Exchange Commission), the corruption allegations came under the scanner of many.

After Chanda's resignation, Sandeep Bakhshi was appointed the bank's CEO.

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