The recent arrest of former ICICI Bank CEO Chanda Kochhar, her husband Deepak Kochhar, and Videocon founder Venugopal Dhoot has reopened questions around the alleged misuse of a Rs 3,250 crore loan provided by ICICI to Videocon in 2012. A whistleblower had reported connections between the Kochhars and Videocon back in 2016. Investigations found ICICI granted loans to Videocon without disclosing Kochhar’s indirect ties via her husband, who part-owned NuPower Renewables and received Videocon investments. This episode has shocked India’s banking industry and public, raising concerns about governance and ethics in private banks and where the Rs 3,250 crores went amidst allegations of fraud and misconduct by senior banking officials.
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