The former chief executive of India's ICICI bank was arrested along with her husband on Friday over alleged fraud amounting to hundreds of millions of dollars.
Chanda Kochhar and her husband Deepak Kochhar were arrested by federal authorities, Indian media reported, after failing to co-operate with investigators, who had summoned them for questioning in New Delhi.
Ms Kochhar stepped down as chief executive in 2018 following allegations she favoured the Videocon group, an Indian electrics conglomerate, in loans later linked to a company owned by her husband.
The Central Bureau of Investigations alleged that Ms Kochhar engaged in a criminal conspiracy in awarding Videocon a loan equivalent to more than $392 million.
A whistleblower alleged that her family members benefited from the dealings, with the then-Videocon chief reportedly investing in a renewables company owned by her husband weeks after the loan was granted.
The bureau said the former bank chief approved private loans in order to “cheat ICICI bank” along with her husband.
Loans given to Videocon between 2009 and 2011 “were in violation of the credit policy of the bank”, the bureau said.
Ms Kochhar was also questioned in 2018 about a $2 billion fraud at Punjab National Bank.
She was summoned along with the head of Axis Bank after investigators suspected involvement in what was the country's biggest banking scandal.
Celebrity jewellery designer Nirav Modi fraudulently obtained a $2bn loan from PNB and was also accused of money laundering, witness intimidation and destroying evidence before fleeing to the UK.
He lost an effort to resist extradition from Britain last month.
Investigators said Ms Kochhar and her Axis counterpart had exposure to at least one of the masterminds behind the operation.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
RESULTS
Women:
55kg brown-black belt: Amal Amjahid (BEL) bt Amanda Monteiro (BRA) via choke
62kg brown-black belt: Bianca Basilio (BRA) bt Ffion Davies (GBR) via referee’s decision (0-0, 2-2 adv)
70kg brown-black belt: Ana Carolina Vieira (BRA) bt Jessica Swanson (USA), 9-0
90kg brown-black belt: Angelica Galvao (USA) bt Marta Szarecka (POL) 8-2
Men:
62kg black belt: Joao Miyao (BRA) bt Wan Ki-chae (KOR), 7-2
69kg black belt: Paulo Miyao (BRA) bt Gianni Grippo (USA), 2-2 (1-0 adv)
77kg black belt: Espen Mathiesen (NOR) bt Jake Mackenzie (CAN)
85kg black belt: Isaque Braz (BRA) bt Faisal Al Ketbi (UAE), 2-0
94kg black belt: Felipe Pena (BRA) bt Adam Wardzinski (POL), 4-0
110kg black belt final: Erberth Santos (BRA) bt Lucio Rodrigues (GBR) via rear naked choke
RESULTS
2pm: Maiden Dh 60,000 (Dirt) 1,400m. Winner: Masaali, Pat Dobbs (jockey), Doug Watson (trainer).
2.30pm: Handicap Dh 76,000 (D) 1,400m. Winner: Almoreb, Dane O’Neill, Ali Rashid Al Raihe.
3pm: Handicap Dh 64,000 (D) 1,200m. Winner: Imprison, Fabrice Veron, Rashed Bouresly.
3.30pm: Shadwell Farm Conditions Dh 100,000 (D) 1,000m. Winner: Raahy, Adrie de Vries, Jaber Ramadhan.
4pm: Maiden Dh 60,000 (D) 1,000m. Winner: Cross The Ocean, Richard Mullen, Satish Seemar.
4.30pm: Handicap 64,000 (D) 1,950m. Winner: Sa’Ada, Fernando Jara, Ahmad bin Harmash.
