New Delhi: The CBI has sought three-day custody of former ICICI Bank MD and CEO Chanda Kochhar. “We had served notices under Section 41 of crPC to both the accused (Chanda Kochhar and Deepak Kochhar) but they did not cooperate, so we arrested them,” the CBI counsel said.
Chanda Kochhar and her husband Deepak Kochhar were arrested by the CBI on Friday. The action has been taken in connection with fraud and irregularities committed by ICICI Bank in 2012 in granting loans to videocon group.
According to media reports, ICICI Bank had given a loan of Rs 3,250 crore to the Videocon Group. Videocon Group did not repay 86 percent (about Rs 2810 crore) of this loan. In 2017, this loan was put into NPA (Non-Performing Assets).
Chanda was part of a committee that on August 26, 2009, approved the bank’s decision to pay Rs 300 crore to Videocon International Electronics and Rs 750 crore to Videocon Industries Ltd on October 31, 2011. This decision of the committee violated the regulation and policy of the bank.