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Former ICICI CEO Chanda Kochhar booked by CBI!

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In a move that is considered delayed by many, CBI has booked former Managing Director and Chief Executive Officer, Chanda Kochhar and her husband Deepak along with Videocon Group head Venugopal Dhoot in regards to what is now known as the ‘Videocon Debt trap’. The FIR filed by CBI alleges corruption on the part of Chanda Kochhar in sanctioning loans to Videocon group of companies. Amounting to around INR 3,250 crores, violating RBI norms, the scam has resulted in the bank suffering a loss of INR 1,730 crores violating the bank’s credit policies as well.

The FIR filed under the Prevention of Corruption Act was based on a Premilinary Inquiry initiated by CBI in December 2017, 2 months after Chanda Kochhar had stepped down as the CEO, MD. 6 high-value loans were sanctioned to several companies under Videocon Group, including predominantly Nupower Renewables the company run by Deepak Kochhar. Other banks included in the debt scam are Dena Bank, Canara Bank, State Bank of India, State Bank of Hyderabad, and more including LIC as well.

It should be noted that Chanda Kochhar was touted as one of the few women in the banking industry to reshape the retail banking sector in India along with Shikha Sharma (Axis) and SBI Cheif Arundhati Bhatacharya. Chanda was also ranked 5th on the 50 Most Powerful Women International list released by Fortune. After her step down she was replaced by Sandeep Bakshi as the CEO of ICICI.

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