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India Alleges Ex-ICICI CEO Got Illegal Benefit for Videocon Loan

  • India may also probe role of current ICICI, Goldman India CEOs
  • Police allege Videocon invested in Kochhar’s spouse’s company
Chanda Kochhar
Chanda KochharPhotographer: Simon Dawson/Bloomberg

India’s federal police filed a case alleging that former ICICI Bank Ltd. Chief Executive Officer Chanda Kochhar got “illegal gratification” for approving a loan to the Videocon Group in violation of the lender’s credit policy and regulatory provisions.

In the filing at a police station in New Delhi, the agency also said it may start investigations into the role played by other members of the bank’s sanctioning committees including Sonjoy Chatterjee, chairman and co-chief executive officer at Goldman Sachs Group Inc.’s India unit, Zarin Daruwala, CEO of Standard Chartered Plc in India, ICICI Bank CEO Sandeep Bakhshi, N S Kannan, CEO of ICICI Prudential Life Insurance Co., Rajiv Sabharwal, CEO of Tata Capital Ltd., and K. V. Kamath, president of New Development Bank.