ICICI Bank MD and CEO Chanda Kochhar and her husband Deepak Kochhar are under the lens of investigative agencies for what turns out to be alleged conflict of interest, according to media reports. It has been alleged that the bank sanctioned debt-ridden Videocon Group of companies loans worth around Rs 3,250 crore, which was eventually declared non-performing assets. The reports added that Chanda's husband Deepak Kochhar received a sweet deal from Videocon Group Promoter Venugopal Dhoot in return.
Investigative agencies came across the dubious money trail as they were acting on orders from the Prime Minister's Office (PMO) upon a complaint filed by an investor of both ICICI Bank and Videocon. The complaint filed by Arvind Gupta accuses Chanda of allotting dubious loans to Videocon in April 2012.
The following are the significant points as revealed in Gupta's complaint dated March 15, 2016:
* In December 2008, Dhoot and Kochhar's family entered into a private 50:50 joint venture to set up NuPower.
* In April 2012, soon after complete transfer of ownership and control of NuPower Renewables to Kochhar’s family, ICICI Bank extended rupee loan to various private companies belonging to the Videocon Industries to the tune of Rs 3,250 crore.
* The ICICI Bank also extended offshore funding amounting to Rs 660 crore to another foreign entity owned by the Videocon Group.
Gupta claims that "Chanda facilitated this unscrupulous domestic offshore funding in abuse of her position as the CEO & MD".
Meanwhile, ICICI Bank board on Wednesday came out in support of Chanda, saying it has full faith and confidence in her and described certain reports against her regarding credit disbursement to Videocon group as "malicious and unfounded rumours".