Why Whistleblower Arvind Gupta Questioned Videocon-ICICI Bank Dealings In 2016

Questions about a potential conflict of interest in loans given by ICICI Bank Ltd. to the Videocon Group have dominated headlines for the past few days. Questions emerged after the Indian Express published an investigation highlighting the financial dealings between the entities related to Videocon Group promoter Venugopal Dhoot and Deepak Kochhar, husband of ICICI Bank CEO Chanda Kochhar.

ICICI Bank in a statement denied that there was any conflict of interest in the loan approval to Videocon Industries and also reposed its confidence in Chanda Kochhar. At a press conference on Thursday, ICICI Bank Chairman MK Sharma added that Kochhar had made all necessary disclosures but did not specify what disclosures were made.

Gupta said he would prefer an external forensic audit to determine if all the transactions were kosher. “I only want a forensic audit to be done in transactions between ICICI Bank and Videocon Group and much more in the case of Videocon Group and NuPower Renewables,” Gupta told BloombergQuint.

When asked whether investigative agencies or concerned regulators have reached out to him for information, Gupta said they haven’t. “I am amazed to share with you that no one has responded...” Gupta said.

Watch the full interview here:

Also Read: Questions That ICICI Bank And Chanda Kochhar Urgently Need To Answer