The Central Bureau of Investigation (CBI) in India has arrested and charged three individuals with a loan fraud case involving ICICI Bank and the Videocon Group.

The individuals, Chanda Kochhar (former CEO and MD of ICICI Bank), her husband Deepak Kochhar, and Venugopal Dhoot (founder of the Videocon Group), have been accused by the CBI of conspiracy and corruption in connection with ICICI Bank’s approval of credit facilities worth INR 32.5 billion (approximately $450 million) to companies within the Videocon Group.

The CBI claims these credit facilities were approved in violation of the Banking Regulation Act, Reserve Bank of India guidelines, and the bank’s credit policies.

The three individuals have been sent to judicial custody for 14 days and are due back in court on January 10, 2023.