Bank blunders news is now a daily diet to the ears of Indians. Banking systems are losing trust in people. It has started to feel unsafe to keep money in the bank. After numerous cases, the prime examples being Vijay Mallya, Mehul Choksi and Nirav Modi, here’s another terrible case of misuse of money of bank customers.
Chanda Kochhar, the former CEO of ICICI Bank, and her husband Deepak Kochhar were detained by the CBI on Friday in connection with suspected irregularities in a loan of more than 3,000 crores given to the Videocon Group while she was in charge of the bank.
In October 2018, Chanda Kochhar resigned from the role of CEO and managing director of ICICI Bank amid claims that she had favored Videocon Group’s Loan blunder.
ICICI stated a year later that Ms. Kochhar’s exit is “termination for cause,” citing violations of the bank’s code of conduct and internal procedures.
The CBI has charged him with criminal conspiracy and deception over alleged irregularities in a 3,250 crore loan to the Videocon Group in 2012 that turned into a non-performing asset for the ICICI Bank.
According to the accusations, former Videocon chairman Venugopal Dhoot reportedly spent crores of rupees in NuPower Renewables, a firm created by Mr. Kochhar, months after the Videocon group received a loan from the bank.
Deepak Kochhar, Ms. Kochhar’s husband, and other members of her family, according to a whistleblower, allegedly profited from the transactions.
According to the CBI, a committee of which Ms. Kochhar was a member approved the loan. According to the agency, she abused her position and received “illegal gratification/undue benefit through her husband from Dhoot for sanctioning 300 crores to Videocon.”
It was a portion of a loan worth 40,000 crores that Videocon obtained from a group of 20 banks, led by (SBI) State Bank of India.
Ms. Kochhar, who worked at India’s third-largest institution for nearly three decades, climbing through the ranks to become one of the most powerful woman bankers, has denied any misconduct.