FIR against Chanda Kochhar in Videocon - ICICI bank loan case

The CBI has registered a first information report (FIR) against the former managing director and chief executive officer Chanda Kochhar, in connection with the ICICI-Videocon loan case.

The CBI was already probing the ICICI-Videocon loan case. Last year, the agency had registered preliminary inquiry, in the case. That preliminary inquiry has now been turned into an FIR, which means that a full-blown criminal investigation is underway.

The FIR is lodged against Chanda Kochhar, her husband Deepak Kochhar and industrialist V.N. Dhoot besides four companies. Chanda Kochhar has been accused of sanctioning loans to debt-ridden Videocon Group in a criminal conspiracy with the other accused to cheat ICICI Bank.

CBI had also carried out raids at Videocon headquarters in Mumbai and Aurangabad, and at Deepak Kochhar's Nupower office in Mumbai. Denying the allegations put on her and claiming of no wrong-doing, Chanda has been accused of conflicts of interest, lack of disclosures and quid pro quo while extending loans to the now-bankrupt Videocon Industries.