ICICI Bank Loan Fraud Case: Charge Sheet Filed Against Chanda Kochhar, Deepak Kochhar and Venugopal Dhoot

by Psu Connect
Date: 08-04-23

It is also said that nine entities has been named under this including companies and individuals.

ICICI Bank Loan Fraud Case: Charge Sheet Filed Against Chanda Kochhar, Deepak Kochhar and Venugopal Dhoot

In Image: Former Managing Director and CEO of ICICI Bank Chanda Kochhar, her husband Deepak Kochhar

New Delhi: The Central Bureau of Investigation (CBI) on Saturday filed its chargesheet in a Rs 3,250 crore loan fraud case against the former Managing Director and CEO of ICICI Bank Chanda Kochhar, her husband Deepak Kochhar and Videocon Group founder Venugopal according to the officials.

The charge sheet has been filed under sections 120-B (criminal conspiracy) and 409 (criminal breach of trust) of the Indian Penal Code (IPC) and provisions of the Prevention of Corruption Act, among others.

It is also said that nine entities has been named under this including companies and individuals.

Background:

The ICICI Bank loan fraud case refers to a series of fraudulent loans issued by the Indian private sector bank ICICI Bank between 2009 and 2018. The loans were issued to companies related to the Videocon Group, a large Indian conglomerate, and were allegedly granted in exchange for financial benefits to the bank's CEO, Chanda Kochhar, and her family.

Earlier in 2018 Enforcement Directorate (ED) has filed a chargesheet against with allegations of impropriety were raised against Kochhar, leading to an investigation by the Central Bureau of Investigation (CBI). The CBI alleged that Kochhar had facilitated the approval of loans to the Videocon Group in exchange for personal financial benefits, and that the bank had failed to follow proper lending procedures.

The chargesheet alleged that Chanda Kochhar had misused her position and provided loans to the Videocon Group, in violation of banking regulations and policies. It was also alleged that the Videocon Group had invested in Deepak Kochhar's company, NuPower Renewables, which was a quid pro quo arrangement.

The ICICI Bank loan fraud case chargesheet was a significant development in the case, which had been under investigation since 2018. The case highlighted the need for ethical practices and transparency in the banking sector and led to increased scrutiny of corporate governance in India.