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The ICICI-Videocon loan scam is about a criminal conspiracy by Chanda Kochhar as Managing Director of ICICI Bank who abused her position by sanctioning a ₹ 3,250 crore (US$696.34 million) loan to Venugopal Dhoot's Videocon International Electronics Limited (VIEL) between June 2009 and October 2011 to cheat the bank in lieu of illegal gratification and undue benefit received in NuPower ...
ICICI Bank Limited is an Indian multinational bank and financial services company headquartered in Mumbai with a registered office in Vadodara.It offers a wide range of banking and financial services for corporate and retail customers through various delivery channels and specialized subsidiaries in the areas of investment banking, life, non-life insurance, venture capital and asset management.
Chanda Kochhar (née Advani, born 17 November 1961) is an Indian banker.She was the managing director (MD) and chief executive officer (CEO) of ICICI Bank from 2009 to 2018 [1] She resigned from her positions in 2018 due a case of conflict of interest. [2]
Banking Ombudsman is a quasi-judicial authority created in 2006, and the authority was created pursuant to a decision made by the Government of India to enable resolution of complaints of customers of banks relating to certain services rendered by the banks.
On 4 October 2018, Chanda Kochhar, the ex MD and CEO of ICICI Bank had to step down from her position following allegations of corruption in sanctioning loans to Videocon. [17] Amidst investigations related to Videocon bad loans, she was forced by the board of ICICI Bank to take indefinite leave.
The case was lodged on the basis of a complaint by a stockbroker Sanjay Dutt supported by the retracted Sunday Guardian article. It was noted that ICICI Bank itself considered the company to have returned the loan within an year and had not received any details of the case. [ 21 ]
On 14 January 2017, ICICI bank blocked PhonePe transactions, citing the reasons that it did not meet the NPCI guidelines. [28] [29] Initially, on 19 January 2017, NPCI instructed ICICI to allow UPI transactions via PhonePe. [30] During this period, Airtel too blocked PhonePe transactions on its platforms. [31]
In paragraph related to Money laundering case, Change "Money Laundering Control Act" to "Prevention of Money Laundering Act, 2002". As mentioned legislation relates to United States, whereas ICICI bank is an Indian company and investigation was done by Indian authorities under Indian law. 223.130.30.109 15:14, 2 May 2022 (UTC)