The Central Bureau of Investigation (CBI) on Friday arrested former CEO and managing director of ICICI Bank Chanda Kochhar and her husband Deepak Kochhar in connection with the Videocon loan case.

The arrests were made in connection to alleged cheating and irregularities in an over Rs 3,000-crore loan provided to the Videocon Group by the bank during Chanda's tenure in 2012. 

Apart from the couple, the CBI booked Venugopal Dhoot of Videocon Group, along with companies Nupower Renewables, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Limited, as accused in the FIR registered under IPC sections related to criminal conspiracy and provisions of the Prevention of Corruption Act.

CBI had added that Chanda Kochhar got "illegal gratification" through her husband from Dhoot for sanctioning the loan. In all, ICICI Bank sanctioned six high-value loans to various Videocon companies between June 2009 and October 2011.

It was also alleged that Dhoot provided crores of rupees to a firm promoted by Deepak Kochhar and two relatives, six months after Videocon group got Rs 3,250 crore as a loan from ICICI Bank in 2012. The amount was part of the Rs 40,000-crore loan that the Videocon group secured from a consortium of 20 banks led by SBI.

Chanda Kochhar, 59, had quit as CEO and managing director of ICICI Bank in October 2018 after allegations were levelled against her for favouring Videocon Group, while granting loans.

Also, in September 2020, Deepak Kochhar was arrested by the ED under sections of the Prevention of Money Laundering Act (PMLA).

Image courtesy: Times of India