Due to ICICI Chandra Kochhar, am I at risk if I have an account with ICICI?

Chandra Kocchar is now a “FORMER” CEO and Managing Director of ICICI. Even if she was in charge now, it’s very unlikely that account holders in the bank would have been affected in any possible way.

(Courtesy: VCCircle)

So, NO, there’s no risk whatsoever -- to you or any account holder.

Coming to the in-depth of the whole situation, just because you aren’t at risk doesn’t mean you should let this case slip from your attention and priority. It’s a serious matter that underlines the crumbling ethics and infrastructure of our banking system. It’s fascinating how one, designated at a top position, can easily exploit the power for personal gains and loot thousands of crores.

In October 2018, Chandra Kocchar quit from her role of CEO and Managing Director of ICICI Bank over the charges of loan fraud that involves Rs 3,250 crore. She had been with the bank since 1984, getting the top role in 2009.

(Courtesy: The Telegraph)

The loan was granted to the Videocon Group, which had been an NPA for ICICI since 2012. It was sanctioned by a consortium of 20 banks; Chandra Kocchar was a part of that committee.

After getting the loan, Videocon head Venugopal Dhoot invested the sum in NuPower Renewables. NuPower Renewables is a company that is funded by Deepak Kocchar, husband of Chandra Kocchar.

The whistleblower of the case, Arvind Gupta, claims that Kocchar family benefitted from this deal.

In addition, Arvind Gupta also warned of more such frauds are taking place in the country’s banking system. He calls ICICI Chandra Kocchar case just a “tip of the iceberg”, requesting the government to scratch the surface and uncover other such deals that are costing the country hundreds and thousands of crores.

On Thursday, the CBI charged Chandra Kochhar, Deepak Kochhar, and Venugopal Dhoot with criminal conspiracy and cheating.

(Courtesy: Rediffmail)

Prima Facie, if the whistleblower is honest, it’s a clear cut scam -- and the Kochhars and Dhoot must be dealt with strictly.

Also, other such cases, which, assumingly, are happening on a large scale, must be made be public. And these “white-collars” mustn’t escape public scrutiny. Whether you’re an ICICI customer or any other banks’, we must get vigilante of such incidents and not forget. From PNB to Rotomac to Karnataka Bank to United Bank of India - it’s like a never-ending series of customers getting looted to benefit the already-rich people.

What's worse about ICICI Chandra Kochhar scam is how she has been hailed as a role model for girls and women across the country. Point proved yet again, power can never be a good lead for anyone when it comes to inspiration. It must boil down to ethics and moral, which many “successful” people lack. Even the person sweeping the road every day in the morning can be a role model. Parents and teens need to realize this.

Hope the Chandras are punished. (But know it for sure, this won’t happen!)

Back to your question, you are NOT at risk. The account holders are safe.