ICICI Bank-Videocon Fraud Case – Fresh whistle blower complaint against Private lender ICICI Bank on it’s 31 loan accounts, where it was complained that the bank had not correctly classified these account NPA as per the exatant guidelines of RBI and alleges that interest income and recoveries from non-performing assets (NPA) have been accounted as fees. It also alleges that the bank overstated the value of mortgages offered for getting corporate loans.
This is the third instance of such complaint within a short span. Earlier in the first two complaints, the bank’s Managing Director and Chief Executive Officer Chanda Kochhar is facing an inquiry by the board and is on leave till investigations are over.
The total amount involved withe these 31 default loan accounts are excess of Rs 6,000 crore as on March 31, 2018, or about 1.1 per cent of its loan book.
Bank has not given any statements with clarity yet and appointed former Supreme Court judge B N Srikrishna to probe allegations of conflict of interest against their CEO Kochhar.