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UPDATE 2-Former ICICI Bank CEO Chanda Kochhar arrested in loan fraud case -source

Reuters
Updated ·1 min read

(Changes sourcing, adds background)

Dec 23 (Reuters) -

India's federal investigating agency has arrested former ICICI Bank Ltd Chief Executive Officer Chanda Kochhar in connection with a loan fraud case involving the bank and Videocon Group, a source from the Central Bureau of Investigation (CBI) told Reuters on Friday.

Kochhar's husband, Deepak Kochhar, was also arrested as part of the case, according to the source.

A number for the CBI went unanswered outside business hours. The Kochhars could not be immediately reached for comment.

Kochhar was ousted as ICICI bank's CEO in 2019 following allegations of corruption.

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Indian enforcement authorities previously alleged that ICICI Bank, under Kochhar, sanctioned "high value" loans to Videocon Industries, violating the bank's lending policies.

In exchange, Videocon's owner invested in NuPower Renewables, a company founded by Deepak Kochhar, the authorities have alleged.

The news was first reported by NDTV. (Reporting by Akriti Sharma in Bengaluru and Arpan Chaturvedi in New Delhi; Editing by Shounak Dasgupta and Anil D'Silva)