Mystery Behind Videocon Group and ICICI Bank Loan Controversy
Chanda Kochhar is one of the most powerful ladies in India's banking and corporate circles, is likely confronting one of the hardest circumstances in her 34-year banking career. It's been a tenacious week for ICICI Bank. Affirmations have risen against Chanda Kochhar, the MD and CEO of the ICICI bank, of having the individual premium and making picks up in credits worth Rs 3,250 crore endorsed to Videocon Industries. CBI (The Central Bureau of Investigation) has enrolled a preparatory request against Chanda Kochhar's better half, Deepak Kochhar, and Venugopal Dhoot, director of the Videocon group, to research the credit given to the organization. The CBI is reportedly looking at relevant documents of the transactions for any evidence of bad behavior.
What is the major allegation?
Arvind Gupta (an ICICI Bank shareholder) wrote to the Finance Minister, Prime Minister and all investigating agencies blaming the Kochhar’s for wrongful benefit from loans endorsed by Videocon in 2012. The ICICI bank was a bit of the Rs 40,000-crore loan that Videocon association secured from a company of 20 banks drove by (State Bank of India) SBI. Chanda Kochhar is blamed for having favored the endorsing of the loan to the organization to profit her significant other. After the letter by Arvind Gupta became visible, Indian Express to alleged a relation amongst Videocon and the Kochhar’s.