New Delhi: The Central Bureau of Investigation (CBI) arrested former Industrial Credit and Investment Corporation of India (ICICI) Chief Executive Officer (CEO) Chanda Kochchar and Deepak Kochchar on December 24 on a money laundering case including the bank and the Videocon Group.

Chanda Kochchar is said to have favoured the Videocon Group, an oil and gas exploration and consumer electronics business, in the bank's lending practises. In October 2018, as a result of this, she resigned from her positions as ICICI Bank's managing director and CEO.

Her criminal conspiracy and cheating charges stem from alleged irregularities in a loan of Rs. 3,250 crores issued to the Videocon Group in 2012. For the ICICI Bank, it became a non-performing asset.

The transactions benefited Kocchar and her family, according to a source.
Due to her violations of the bank's internal standards and code of conduct, the ICICI determined that Kochchar's firing would be considered "termination for reason."

Kochchar worked at the bank for three decades, rising through the ranks to become one of the most influential female bankers. She has so far denied all the wrongdoings.

Claiming a statement, she had reiterated that none of the credit decisions at the ban are unilateral. The organization design and structure obviate the possibility a of conflict of interest.

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