Chanda Kochhar's Arrest: A Timeline Of Events
Here's what led to the arrest of ICICI Bank's former CEO Chanda Kochhar.
Former ICICI Bank CEO Chanda Kochhar and her husband were arrested by the Central Bureau of Investigation in Delhi on Friday evening. Kochhar has been under investigation since 2018, when allegations of quid pro quo against her came to light.
The allegations pertain to Venugopal Dhoot-led Videocon Group's high-value loans from ICICI Bank, following which it allegedly engaged in a series of transactions wit NuPower Renewables owned by Deepak Kochhar.
While Kochhar's exit from the bank came on account of the independent enquiry against her, the allegations were older than that. After the bank fired Kochhar, it also initiated a claw back provision against her, claiming bonuses paid to her in the years before.
The CBI and the enforcement directorate have been investigating various aspects of the case for the last four years.
Here's the timeline of what led to Kochhar's arrest:
How It Unfolded
Oct 2016: An ICICI Bank and Videocon Group investor Arvind Gupta alleges loan irregularities at ICICI Bank. The Reserve Bank of India had looked into Gupta's allegations but did not find anything meaningful against the bank's management.
Mar 2018: Indian Express investigation reveals a slew of transactions between the Videocon Group and NuPower Renewables, indicating quid pro quo.
Mar 29, 2018: ICICI Bank's board denies any misconduct on Kochhar's part. Claims to put full faith behind Kochhar.
Apr 6, 2018: CBI questions Chanda Kochhar’s brother-in-law Rajiv Kochhar
May 25, 2018: SEBI issues notice to Chanda Kochhar.
May 30, 2018: ICICI Bank board reverses its previous stance. The board says it will probe whistleblower complaint against Kochhar. Talks about constituting an external, independent enquiry in the matter.
June 4, 2018: Whistleblower makes fresh allegations Kochhar. ICICI Bank says the CEO is on annual leave.
June 15, 2018: ICICI Bank picks retired Justice Srikrishna to lead probe. A few days later, Kochhar is sent on a formal leave, pending the investigation.
Sept 12, 2018: Chanda Kochhar skips ICICI Bank annual general meeting. Shareholders raise slogans, demand her presence to answer their questions.
Oct 4, 2018: Kochhar steps down as MD & CEO, after retiring ahead of her tenure ending.
Jan 28, 2019: CBI Registers FIR against Kochhar. A few days later the Srikrishna panel finds her guilty of violating code of conduct. The bank's board announces that they were formally terminating Kochhar's services and were clawing back bonuses paid to her in previous years.
Feb 2019: Money laundering case filed against Kochhar. CBI issues lookout notice against Kochhar.
Jan 2020: ED attaches Kochhar’s assets. ICICI Bank seeks recovery from Kochhar.
Mar 5, 2020: Bombay High Court rejects Chanda Kochhar’s appeal against her ouster as CEO.
Sept 8, 2020: ED arrests Deepak Kochhar in the money-laundering case.
Nov 4, 2020: ED files the chargesheet against Kochhar.
Feb 26, 2022: Kochhar files a fresh case against ICICI Bank seeking retirement benefits.
May 28, 2022: CBI files FIR against Chanda Kochhar.
Dec 23, 2022: CBI arrests Chanda Kochhar, husband.