The problems for privately-owned ICICI Bank just don’t seem to end anytime soon. On Saturday, it was found that the Central Bureau of Investigation (CBI) has got ICICI Bank MD and CEO Chanda Kochhar’s husband, Deepak Kochhar, on its radar and has initiated an enquiry against him along with Venugopal Dhoot in ICIC Bank-Videocon Group case. The matter was highlighted after Deepak Kochhar helped the group in getting a loan of Rs 3250 crore passed from ICICI Bank. From the availed loan amount, the group had paid only Rs 440 crores. While the remaining amount of Rs 2810 crore remained unpaid and was declared NPA in 2017. In the following case, a consortium of 20 banks had granted a loan of Rs 40,000 crore to the Videocon group-led by Venugopal Dhoot. Reports alleged that Deepak Kochhar had helped Dhoot in availing loans through illegal means.
The preliminary investigation by CBI comes to light just a few days after the Reserve Bank of India (RBI) had slapped Rs 58.90 crore for not complying with the guidelines suggested by the RBI. Reports suggest that Securities and Exchange Board of India has already begun to probe the matter for any possibility of corporate-related lapses. As per sources, the CBI said that in the preliminary examination it has named Videocon Group, unknown officials and Chanda Kochhar’s husband Deepak Kochhar.
Commenting on the matter, a CBI official said that the role ICICI Bank CEO Chanda Kochhar’s role will also be investigated in the case if the enquiry leads to the nexus between the ‘ICICI Bank’s grant of loan to Videocon Group and quid pro quo deals with her husband.’ An FIR will also be registered in the matter depending on the number of evidence collected by the officials. With the help the preliminary enquiry, the CBI will be able to enquire a series of alleged transactions between Deepak Kochhar and Venugopal Dhoot-led Videocon Group.