India's CBI files case against former ICICI Bank chief Chanda Kochhar (updated)

Videocon Industries (India)

24/01/2019 13:00

(Adds CBI statement)
    MUMBAI, Jan 24 (Reuters) - India's federal investigating
agency has filed a case of criminal conspiracy and fraud against
the former chief executive of India's ICICI Bank  ICBK.NS 
Chanda Kochhar and her husband Deepak Kochhar, according to a
statement from the Central Bureau of Investigation (CBI) on
Thursday.
    The CBI case is the latest twist in a controversy that has
dogged ICICI and Kochhar for months, and that was instrumental
in her decision to step down last October.  urn:newsml:reuters.com:*:nL4N1WK239
    The CBI alleges that Kochhar favored Videocon Industries
 VEDI.NS , a consumer electronics and energy exploration firm, 
in the bank's lending practices. Videocon's founders had an
investment in a renewable energy company founded by Kochhar's
husband.
    The CBI also filed a case against Venugopal Dhoot, the
managing director of the Videocon group and two of Videocon's
subsidiaries. 
    "The accused sanctioned certain loans to private companies
in a criminal conspiracy with other accused to cheat ICICI
Bank," the CBI statement said.
    Chanda Kochhar, Deepak Kochhar and Venugopal Dhoot were not
immediately reachable for comment. 
    ICICI Bank did not respond to requests for comment from
Reuters. Videocon officials were not reachable for comment.   
    Nupower Renewables Ltd and other "unknown public servants
and other unknown private persons" have also been booked, a copy
of the information report filed by the CBI said.
    Earlier in the day, the agency raided multiple locations
owned by Videocon Industries and NuPower, a CBI source said. 
    

 (Reporting by Nidhi Verma and Swati Bhat; editing by Darren
Schuettler and Emelia Sithole-Matarise)
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