ICICI Bank Appoints Sandeep Bakhshi As COO, Chanda Kochhar on Leave Till the Completion of Videocon Loan Case Enquiry Not Over

ICICI Bank group has reshuffled its top management, and appointed its Life Insurance Venture’s CEO Sandeep Bakhshi as the interim chief at ICICI Bank. Kochhar is currently on her annual leave. The country largest private lender made it clear that Sandeep Bakhshi will be the COO (Chief Operating Officer) and also hold the whole time director of the bank. Chanda Kochhar, the current CEO and MD, will be on leave till the completion of the inquiry in the ICICI- Videocon Loan case.

Earlier, the bank board had come out in support of Chanda Kocchar and had also denied reports regarding its CEO being asked to go on indefinite leave by the bank. The cases under scanner include ICICI Bank's Rs 32.5 billion loan to Videocon Group in 2012 and the involvement of Kochhar family members in the restructuring of the loan.

Reportedly, a fresh probe was ordered by the board of ICICI Bank after a new whistleblower made allegations that Kochhar violated the bank’s code of conduct, rules on conflict of interest and was part of quid pro quo dealings with certain bank borrowers.

The Videocon case first came to light on March 23, after reports said Kochhar's husband Deepak Kochhar received a loan of Rs 64 crore from an entity owned by Videocon promoter Venugopal Dhoot. The loan was settled in 2012 after the lending entity was transferred in the name of Chanda Kochhar's husband Deepak Kochhar in lieu of merely Rs 9 lakh. Then, the settlement came just six months before Videocon received a loan of above Rs 3,500 crore from the ICICI Bank. Out of the Rs Rs 3,500 crore loan, Rs 2810 crore of the amount was declared as non-performing asset in the year 2017, which raises suspicion.

The CBI, along with the Income Tax department has initiated a probe into the case. A look out notice was also been issued against Kochhar and her husband at all airports, which would force the authorities to inform the central agencies if they attempt to board a flight travelling out of the nation.

In April, the Income Tax Department had issued a notice to Deepak Kochhar, husband of ICICI bank MD and CEO Chanda Kochhar, in connection with its tax evasion probe in the Videocon bank loan case, officials had said.

(The above story first appeared on LatestLY on Jun 18, 2018 09:43 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).