Videocon Loan Case: The once shining star of magazine covers Chanda Kochhar has been arrested along with her husband Deepak Kochhar by Central Bureau of Investigation (CBI). Chanda Kochhar, a former powerful banker and the ex-CEO of ICICI Bank has been arrested in the infamous Videocon loan case, related to alleged irregularities of over Rs 3,000 crore loan given to Venugopal Dhoot’s Videocon Group. The loan has reportedly been seen as a violation of the Banking Regulation Act, RBI guidelines and the credit policy of the bank.
Kochhar resigned from the position of the Managing Director (MD) and CEO of ICICI Bank in 2018 after some buzz of alleged irregularities popped up. After taking up the C-suite in 2009 and becoming the ‘it’ figure, her sudden resignation garnered a lot of spotlight as stakeholders started questioning the doings inside ICICI Bank.
As per media reports, the over Rs 3,000 crore loan provided to Videocon Group in 2012 became a Non-Performing Asset (NPA) for ICICI Bank and later, it was whistleblower (who is yet to be named) who suspected and allegedly broke the news that the Kochhars’ and their family were the ones who benefitted from this transaction.
According to a PTI report, the CBI had named both the Kochhars and Venugopal Dhoot of Videocon Group, along with companies Nupower Renewables (NRL) also managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Limited, as accused in the FIR registered. The same has reportedly been lodged under IPC sections that relate to criminal conspiracy and provisions of the Prevention of Corruption Act in 2019.
October 2016: Chatter of loan irregularities at ICICI Bank starts after some allegations. The RBI investigates the matter but doesn’t find anything and everything comes to rest.
March 2018: Word spreads again after a whistleblower complains against the bank and its top management alleging a delay in recognising issues in 31 loan accounts. Some weeks after this, the CBI files an internal inquiry and questions Deepak Kochhar.
April 2018: The ICICI Bank board comes in support of Chanda Kochhar and denies most of the allegations. After a few weeks, the Serious Fraud Investigation Office (SFO) seeks the approval of the Ministry of Corporate Affairs to probe the Videocon loan granted by ICICI Bank.
May and June 2018: The whistleblower makes fresh allegations against Chanda Kochhar. ICICI Bank suspects some wrong-doing and launches an independent probe led by retired judge B N Srikrishna. Soon after, Kochhar goes on indefinite leave, pending the investigation.
July 2018: The Securities and Exchange Board of India (SEBI) asks Kochhar to submit her reply to the show-cause notice.
October 2018: Chanda Kochhar submits her resignation and officially steps down as the MD and CEO of ICICI Bank, after board approves her request of early retirement.
January 2019: The CBI files an FIR against Deepak Kochhar, Chanda Kochhar and Venugopal Dhoot over alleged irregularities in the loans sanctioned to the Videocon Group back in 2012. Soon after, an independent probe by ICICI Bank also finds that Chanda Kochhar violated the bank’s code of conduct while sanctioning these loans. Hence, the board decides to treat her stepping away from the bank as ‘termination for cause’, as per media reports.
February 2019: The CBI issues a lookout notice against Chanda Kochhar.
January 2020: The Enforcement Directorate (ED) provisionally attaches assets of Chanda Kochhar and her family. These were worth over Rs 78 crore.
September 2020: The ED arrests Deepak Kochhar in the money-laundering case.
November 2020: The ED files a chargesheet against Chanda Kochhar.
March 2021: Deepak Kochhar is released on a personal bond of Rs 3 lakh.
May 2022: The CBI now files an FIR against Chanda Kochhar.
December 23, 2022: The CBI arrests Chanda Kochhar and her husband Deepak Kochhar. They also get remanded to 3-day-long CBI custody till December 26, 2022.
