Once upon a time, Chanda Kochhar was known as one of the top influential women in India and was awarded the Padma Bhushan. During 2016, one of the shareholders exposed the mishappenings of illegal loans. Many investigation agencies, like CBI and Income Tax have taken up issues regarding Chanda Kochhar as she was the managing director of ICICI Bank back then. She was accused of allocating loans to videocon group multiple times with irregularities. In 2017 there were constant allegations and scrutiny of rumours and conflicts regarding ICICI loans. We all know the Videocon brand and its popular products. It is a Mumbai-based company which provides home appliances. Videocon hit the loss and downfall due to various investments in the gas, semiconductors, retail, power, Insurance and Telecom sectors.
Let's understand how the scam unfolded. Venugopal of Videocon had created a company named Nupower Renewable, of which 50% was held by Kochhar family's associates and 50% was with Venugopal. So the Videocon founder sold the rest of the 50% shares to Kochhar, making it 100%, and sold it for just 2.5 lakh rupees.
In 2009 and 2010, an amount of 300 crore was sanctioned to Supreme Energy Company and eventually, that amount was shared with Pinnacle company, which was owned by Deepak kochhar, the husband of Chanda Kochhar. It operated through Shell companies and the amount was sold at just 9 lakhs rupees. Chanda Kochhar was the managing director back then, so she was under investigation by the CBI and Income tax for a 64 crore bribe. This news has created massive controversy across India. It is alleged that ICICI group has provided loans up to 3,250 crore at multiple intervals.
