Chanda Kochhar led ICICI Bank and Videocon case loan controversy: Check out timeline

ICICI Bank, country's largest lender has landed in the middle of a controversy over an alleged conflict of interest linked to its CEO and MD Chanda Kochhar in relation to her husband Deepak Kochhar’s business dealings. Significantly, this has added to the problems of the banking sector, which is already facing a massive row over  state-run Punjab National Bank being involved in a financial fraud at one of its branches in Mumbai last month dealing with jewellers Nirav Modi and Mehul Choksi. This latest case has stunned the country, leading to elevated concerns around any wrongdoing in public or private sector banks.

ICICI Bank may have defended Chanda Kochhar, but regulatory bodies from Securities and Exchange Board of India (Sebi), Central Bureau of Investigation (CBI) to Enforcement Directorat (ED) have put it under the scanner. Reports have alleged quid pro quo between Videocon Group and the bank's CEO Chanda Kochhar as well as her family members with respect to extending a loan worth Rs 3,250 crore to Videocon Group, an issue that has snowballed into a major controversy.

ICICI Bank- Videocon Timeline

December 2008

• Chanda Kochhar's husband Deepak Kochhar and Videocon Group Chairman Venugopal Dhoot floated NuPower, a clean energy firm
• Deepak Kochhar and his relatives own 50 per cent stake in the company

2010

• Venugopal Dhoot's firm Supreme Energy gave Rs 64 crore to NuPower

2012

• Twenty banks extended Rs 40,000 crore loan to Videocon group
• ICICI Bank extended loans worth Rs 3250 crore to 5 Videocon Group firms 

2012

• Dhoot sold off Supreme Energy within 6 months of receiving loans
• Supreme Energy was sold off to Pinnacle Trust for just Rs 9 lakh
• Deepak Kochhar heads Pinnacle Energy Trust

2017

• Out of Rs 3250 crore loan, Videocon Group has not paid back Rs 2,810 crore

2017

• ICICI Bank declared Rs 2,810 crore as non-performing asset (NPA) 

2018

• Income Tax department started probe into Group transactions
• CBI questioned a few officials of ICICI Bank as part of the preliminary enquiry (PE) 
• Enforcement Directorate writes to Sebi, seeking details of the investigation into Videocon Group in the past few years