2. Chanda Kochhar is the former MD and chief executive officer of ICICI
Bank.
However, on 4 October 2018 she stepped down from her position following
allegations of corruption.
Amidst investigations related to Videocon bad loans, she was forced by the
board of ICICI Bank to take indefinite leave.
The CBI named Chanda Kochhar and her husband as beneficiaries in the
financial fraud.
WHO IS CHANDA KOCHHAR
3. Kochhar was born in Jodhpur, Rajasthan in a Hindu Sindhi family. She was
educated at St. Angela Sophia School, Jaipur. She then moved to Mumbai,
where she joined Jai Hind College and earned a bachelor of commerce degree
from the University of Mumbai.
After graduating in 1982, she studied cost accountancy from Institute of Cost
Accountants in India, and later did a master of management studies degree in
University of Mumbai from Jamnalal Bajaj Institute of Management Studies.
She received the Wockhardt Gold Medal for Excellence in Management
Studies as well as the J. N. Bose Gold Medal in Cost Accountancy.
EARLY LIFE
4. Ms. Kochhar began her career as a trainee at ICICI in 1984 after getting her
MBA. At the time, ICICI was a financial institution that helped companies
with project financing. It got a banking license in 1994, following the
liberalization of India's economy.
In 2009, at the age of 48, she succeeded Mr Kamath as chief executive.
Ms. Kochhar's problems began in October 2016 when a whistleblower raised
allegations of conflict of interest against her.
THE RISE AND FALL OF CHANDA
KOCHHAR
5. Initially the issue did not attract much media attention, but in March 2018 the
story began to gain traction in the Indian press.
The scandal centres around a $456m loan issued by ICICI bank to consumer
electronics company Videocon Industries. The loan was sanctioned in
exchange for an investment by its owner in a business headed by Ms. kochhar's
husband.
However, Ms kochhar , Her husband and the owner of videocon company
have denied all the allegations.
The CBI has now filed a case of criminal conspiracy & Fraud against Ms.
kochhar and her husband.
