ICICI Videocon Scam of ₹3250 करोड़ | Chanda Kochhar, Venugopal Dhoot Scandal और BJP

Arvind Gupta, just a common investor in his early retirement age, had held the shares of ICICI Bank and Videocon in his portfolio back in 2010. He was unmarried, had no family and therefore, dedicated all his time to studying the companies he had invested his money into, in this case, ICICI bank and Videocon.

It was this study and analysis by Arvind Gupta that uncovered the Chanda Kochhar ICICI-Videocon scam. As someone who was analyzing both the companies closely, Mr. Gupta had a suspicion in 2010 about the loans worth ₹ 3250 crores which were granted by ICICI bank to Videocon.

It was at the time when Chanda Kochhar, a flag-bearer of women empowerment in India, was promoted as the managing director and CEO of the ICICI Bank. Between June 2009 and October 2011, ICICI bank sanctioned 6 loans to Videocon with Chanda Kochhar being involved in the loan sanctioning committee.

During one of those sanctions, Videocon owner Dhoot transferred an amount of ₹ 64 crores to a company managed by Deepak Kochhar, the husband of Chanda Kochhar.

This clearly violated the Banking Regulations Act, RBI Guidelines and the credit policy of the bank and Chanda Kochhar being a part of the committee, was accused of cheating the bank and abusing her official position.

In March 2016, Arvind Gupta lodged written complaints to RBI, SEBI, CBI, ED and even PMO, alleging the loans to be against the ICICI bank policies. Although not much attention was paid at that time, ICICI bank itself declared those loans given to Videocon as an NPA in 2017, proving Mr. Gupta right.

However, despite this acknowledgement, it wasn’t easy to act and invest against the accused as Chanda Kochhar had great political influence. Things were delayed and it was only when the then FM Late Arun Jaitley visited abroad for treatment, that the investigation could kick off.

ED registered a case worth ₹ 600 crores against her and her husband and as Chanda’s political influence got dried out by Sep 2020, her husband was arrested and Chanda Kochhar got terminated by ICICI bank as she was found guilty in 2019.

This whole ICICI bank-Videocon scam presented a picture of India where the poor struggle to get loans while the riches use all sorts of connections to get them easily.

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Chapters

0:00 - Introduction
1:44 - Who is Chanda Kochhar?
3:36 - ICICI-Videocon Scam Explained
5:28 - Impact of Scandal
6:46 - Involvement of Political Leaders

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