Chanda Kochhar was the former MD and CEO of ICICI Bank. She had an illustrious career at ICICI Bank spanning over 30 years, helping establish the bank and taking on several leadership roles. However, her career was marred by allegations of conflict of interest and quid pro quo related to loans provided by ICICI Bank to Videocon Group when her husband Deepak Kochhar's company received investments from Videocon. A CBI investigation found that Deepak Kochhar's company NuPower Renewables received investments from Videocon months after ICICI Bank approved loans to Videocon. This led to charges of cheating, fraud, and money laundering against Chanda Kochhar and others involved.

1. CHANDA KOCHHAR
ICICI BANK
BY:
SWAPNIL SONAWANE

2. ABOUT
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• Born on 17th November, 1961.
• Studied cost accountancy from Institute of Cost Accountants of India.
• Perused 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.
• Was the former MD and chief executive officer of ICICI Bank.

3. CAREER
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• 1984-1983 – Joined the industrial Credit and Investment Corporation of India (ICICI
Bank)
• 1993-1999 – Helped in establishing ICICI Bank. From assistant General Manager she
became the General Manager to head the major clients of ICICI Bank.
• 2006-2007 – She handled International and Corporate business of the bank
• 2007-2009 – She was the bank’s Chief Financial Officer and Joint Managing Director
• 2009- 2016 – Became a member of the Indian-Russia Business Leaders Forum and the
US- India CEO Forum.
• 2018 – Stepped down from her position of Manging Director and CEO of ICICI Bank

4. REWARDS
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• Won the “Best Retail Bank In India” award in 2001,03,04 & 05
• She also won the Rising Star Award in 2006.
• She was in the Fortune’s List of “Most Powerful Women In business.
• She was conferred with Padma Bhushan in 2011.
• She was ranked the most powerful business women in India in Forbes's List. (2013)
• Received and honorary doctorate from Carleton University , Canada in 2014.
• Ranked 5th in Fortune’s List (2017) of “Mot Powerful Women in business outside the
US”

5. ALLEGATIONS
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What was the case about?
Deepak Kochhar, whose company NuPower Renewables allegedly received an investment from a
Videocon group company as a quid pro quo for a loan from the bank. Dhoot allegedly invested
crores of rupees in Nupower months after the Videocon group got Rs 3,250 crore as loan from the
ICICI Bank in 2012.
How it came to light?
Arvind Gupta accused Chanda Kochhar of conflict of interest and corporate misconduct while
sanctioning loans to Videocon.

6. ALLEGATIONS
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What exactly happened?
Whistle-blower Gupta alleged that a company owned by Dhoot loaned Rs 64 crore in March 2010 to
NuPower Renewables that he and Deepak Kochhar had jointly promoted just two year ago.
A complex web of deals resulted in a trust controlled by Deepak Kochhar acquiring the lending
company six months after the Videocon Group got the loan from ICICI Bank. The transfer of company
shares to Kochhar’s trust was made at a paltry Rs 9 lakh.
CBI in Action
Chanda, her husband Deepak, and industrialist Venugopal Dhoot were named in a CBI FIR for cheating
and defrauding ICICI Bank, with amount of Rs 1730 crores. The Enforcement Directorate lodged a case
of money laundering against Chanda Kochhar in connection with loans disbursed by bank to the
Videocon Group which later turned into NPAs. The Enforcement Directorate attached the properties of
Chanda Kochhar and her family in connection with the money laundering case on 10 January 2020.

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