India

ICICI- Videocon loan case: CBI files FIR, conducts raid

Central Bureau of Investigation (CBI) on Thursday, conducted raid in four places including the Nupower, run jointly by Deepak Kochar, husband of ICICI Bank’s former CEO Chanda Kochar and Videocon, in Mumbai on Thursday.

In this case, personal interest of the former ICICI Chief Executive while giving loan is also being investigated. The CBI has registered an FIR in this case after initial scrutiny.

Chanda Kochhar resigned from her post demanding retirement at that time. After which, in October last year, Sandeep Bakshi was appointed to her place.

ICICI Bank had come into controversy when it was alleged that Kochhar ignored the rules and gave loans to Videocon, a company involved in consumer electronics  and oil and gas exploration. Videocon founder has investment in Chanda Kochhar’s husband Deepak Kochhar’s renewable energy company. 56-year-old Kochhar was the CEO of ICICI from May 2009.

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