How Chanda Kochhar’s one decision cost ICICI Bank 1000Cr?

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Chanda Kochhar News

ICICI Bank has termed a 1,730-crore loan that turned bad after Videocon Group failed to repay it as a business loan.

It is not a wrongful loss as made out by the CBI investigation in its corruption case against the lender’s former chief Chanda Kochharher husband, Deepak Kochhar, and Videocon owner Venugopal Dhoot.

ICICI Bank Scandal

The bank claimed that due process was followed while granting a loan to the Videocon Group. They went on to claim that the allegations of the CBI regarding the violation of rules are not factually correct.

ICICI Legal Bank Head Niranjan Saha and Videocon Group could not pay the loan due to business failure.

The credit facilities sanctioned by ICICI Bank to Videocon Group turned into NPAs in June 2017, with an outstanding amount of Rs 1,033 crore.

Hence, according to the CBI charge sheet, ICICI Group had to face a loss of Rs 1,033 crore plus interest.

The CBI claimed in its charge sheet that after Chanda Kocchar became the CEO of ICICI Bank, six-rupee term loans were sanctioned to the Videocon Group on May 1, 2009.

Former ICICI CEO Chanda Kochhar was the chairperson of the two-member committee that approved rupee-term loans of Rs 3000 crore in August 2009 to Videocon International Electronics Limited.

The central agency alleged that the ICICI chairman, her husband, and Dhoot engineered a plan and design in December 2008 after Chanda Kochhar became the Chairman of ICICI Bank.

Chanda Kocchar Husband was the kingpin of the project, and the chairman has also been accused of illegal gratification of Rs 64 crore, where she misappropriated the bank’s funds for her use.

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