Former ICICI Bank CEO Chanda Kochhar arrested in loan fraud case -source

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FILE PHOTO: ICICI Bank’s Chief Executive Officer Chanda Kochhar listens to a speaker at a news conference in Mumbai, India March 15, 2018. REUTERS/Francis Mascarenhas/File Photo

India’s federal investigating agency has arrested former ICICI Bank Ltd Chief Executive Officer Chanda Kochhar in connection with a loan fraud case involving the bank and Videocon Group, a source from the Central Bureau of Investigation (CBI) told Reuters on Friday.

Kochhar’s husband, Deepak Kochhar, was also arrested as part of the case, according to the source.

A number for the CBI went unanswered outside business hours. The Kochhars could not be immediately reached for comment.

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Kochhar was ousted as ICICI bank’s CEO in 2019 following allegations of corruption.

Indian enforcement authorities previously alleged that ICICI Bank, under Kochhar, sanctioned “high value” loans to Videocon Industries, violating the bank’s lending policies.

In exchange, Videocon’s owner invested in NuPower Renewables, a company founded by Deepak Kochhar, the authorities have alleged.

The news was first reported by NDTV.

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