Are Chanda Kochhar And Deepak Kochhar Both Arrested? What Did Husband-Wife Do?

The former ICICI Bank CEO and MD, Chanda Kochhar, and her spouse Deepak Kochhar were arrested concerning the alleged loan fraud case.

Chanda Kochhar resigned from her position in the ICICI Bank due to a case of conflict of interest in 2018.

Kochhar is facing money laundering allegations. In connection with allegations of loan fraud, the Central Bureau of Investigation detained Chanda and her husband on 23 December 2022.

Here are the details of what the pair did and an explanation of the case.

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Chanda Kochhar And Deepak Kochhar Were Arrested: What Did Husband-Wife Do?

The former ICICI Bank CEO and MD, Chanda Kochhar, and her spouse Deepak Kochhar were arrested concerning the alleged loan fraud case.

The CBI produced the husband-wife on Saturday, December 24, before the Mumbai special court.

CBI arrested Chanda Kochhar and her husband, Deepak Kochhar, in connection with a loan fraud case. (Image Source: Business Standard)

The court ordered the CBI custody of the pair until Monday in a case involving alleged irregularities in loans given to Venugopal Dhoot’s Videocon Group.

CBI (Central Bureau of Investigation) took them into custody on Friday.

As already mentioned, a money laundering case between the bank and the Videocon Group is the subject of the inquiry that led to the arrest of the former MD and CEO.

The allegation against Kocchar is that she and her family allegedly accepted different kickbacks for loans made to the Videocon Company during her tenure.

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In 2019, the Enforcement Directorate said Venugopal Dhoot’s Videocon group provided ₹ 64 crores in funding to Deepak Kochhar’s NuPower Renewables through a network of front businesses.

This happened just a few weeks after the Videocon group received a loan from ICICI Bank for ₹ 3,250 crores.

Six loans totaling ₹ 1,875 crores are reported to have been approved for the Videocon Group and its affiliated businesses between 2009 and 2011 when Chanda Kochhar oversaw the bank.

These loans almost turned into non-performing assets, costing the bank ₹ 1,730 crores.

The Enforcement Directorate registered a criminal case of money laundering against Dhoot, Kochhar, and a few others in 2019.

Chanda Kocchar’s Conflict Of Interest

As early as 2016, there were rumors of Chanda Kochhar’s conflict of interest. But the narrative didn’t really start to take off until 2018.

ICICI’s board initially rejected all accusations against the former MD.

Still, after extended media coverage and inquiries from investors, the bank was obliged to launch a probe to determine whether its regulations on conflict of interest and internal lending had been broken.

Chanda Kochhar arrest newsChanda Kochhar resigned from her position as CEO of ICICI Bank in 2018. (Image Source: India Today)

The former CEO then ultimately tendered her resignation. She and her spouse, though, have consistently denied any wrongdoing.

Chanda Kochhar Educational Background

Chanda Kochhar was born into a Hindu Sindhi family in Jodhpur, Rajasthan.

She attended St. Angela Sophia School in Jaipur for her education. She relocated to Mumbai, where she enrolled in Jai Hind College and graduated from the University of Mumbai with a bachelor of commerce.

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She earned a master’s degree in management studies at the University of Mumbai’s Jamnalal Bajaj Institute of Management Studies after graduating in 1982 and studying cost accounting at the Institute of Cost Accountants of India.

She was awarded the J. N. Bose Gold Medal in Cost Accounting and the Wockhardt Gold Medal for Excellence in Management Studies.

Chanda Kochhar and Deepak Kochhar, a wind energy entrepreneur, have been married for a long time. The Kochhar couple shares two kids – a daughter and a son.

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