Active Stocks
Fri Sep 29 2023 15:59:14
  1. Tata Steel share price
  2. 129 1.78%
  1. NTPC share price
  2. 245.65 3.3%
  1. Power Grid Corporation Of India share price
  2. 199.85 -0.45%
  1. State Bank Of India share price
  2. 598.7 1.48%
  1. Wipro share price
  2. 406.25 0.11%
Business News/ News / India/  ICICI Bank's board gave sanction to prosecute Chanda Kochhar in loan fraud case: CBI to court

ICICI Bank's board gave sanction to prosecute Chanda Kochhar in loan fraud case: CBI to court

CBI gets ICICI board's nod to prosecute ex-CEO Chanda Kochhar for alleged cheating and irregularities in loans given to Videocon Group companies.

Fprmer ICICI Bank MD & CEO Chanda Kochhar  (HT_PRINT)Premium
Fprmer ICICI Bank MD & CEO Chanda Kochhar (HT_PRINT)

The Central Bureau of Investigation (CBI) has told a special court that it received a sanction from the ICICI Bank's board to prosecute Chanda Kochhar, the former CEO and MD of the bank, in connection with a case of alleged cheating and irregularities in loans sanctioned by the bank to Videocon Group companies.

The probe agency, represented by special public prosecutor A Limosin, told the court that the board of ICICI Bank in a resolution passed on April 22 this year gave its sanction to prosecute Kochhar, as the bank's board accepted that there seemed to be quid pro-quo.

Last year, the central probe agency arrested Chanda Kochhar and Deepak Kochhar in connection with the Vodafone fraud case. The agency had also arrested Videocon group founder Venugopal Dhoot.

The Bombay High Court later granted interim bail to the couple (Kochhars) and came down heavily on the CBI for arresting them in a "casual and mechanical" manner and without application of mind.

The CBI had named the Kochhar couple and Dhoot, along with companies Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd, and Videocon Industries Limited, as accused in the First Information Report (FIR) registered under the Indian Penal Code (IPC) sections related to criminal conspiracy and provisions of the Prevention of Corruption Act in 2019.

The CBI has alleged that ICICI Bank had sanctioned credit facilities to the tune of 3,250 crore to the companies of Videocon Group promoted by Dhoot in violation of the Banking Regulation Act, RBI guidelines, and credit policy of the bank.

"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Updated: 08 Jun 2023, 07:37 AM IST
Next Story
Recommended For You
Switch to the Mint app for fast and personalized news - Get App