CBI Arrests Chanda and Deepak Kochhar in Videocon Loan Fraud Case

In a major development, the Central Bureau of Investigation (CBI) has arrested former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar in Delhi in connection with the Videocon loan fraud case. The couple was taken into custody after being questioned by the agency for several hours on Thursday. The CBI had registered an FIR against them last year, accusing them of criminal conspiracy, cheating and corruption in sanctioning loans to various companies associated with Videocon Group. The agency had alleged that Chanda Kochhar abused her official position by sanctioning loans to certain entities in violation of banking norms. It is believed that these loans were sanctioned to benefit some corporate entities at the cost of ICICI Bank’s interests. The CBI had also conducted searches at multiple locations across India as part of its investigation into the case. It is reported that several documents related to the case have been seized during these searches. Chanda Kochhar was removed from her post as CEO of ICICI Bank last year following allegations that she received kickbacks from Videocon Group for granting it loan approvals. Her husband Deepak Kochhar has also been accused of receiving money from Videocon Group through his company NuPower Renewables Pvt Ltd. This arrest comes after months of investigations by both CBI and Enforcement Directorate (ED). The ED is currently probing money laundering charges against both Chanda and Deepak Kochhar based on a complaint filed by an investor alleging irregularities in some bank transactions involving them.