Chanda Kochhar Net Worth: Former CEO of the leading private sector bank ICICI, Chanda Kochhar has been blowing up on the news media. She is allegedly involved in a money laundering scam that took place years ago. On 24th December 2022, the Central Bureau of Investigation arrested Chanda Kochhar for this loan fraud. Ever since then the news media is covering the story on their channel. Hence, here we are going to focus on the Ex-ICICI CEO Chanda Kochhar Biography and discuss all the ongoing events. Through this article, you will get to know about Chanda Kochhar Net Worth, salary per month, age, etc. If this matter interests you then quickly scroll down to read more about Chanda Kochhar.
Chanda Kochhar Net Worth
As per the available reports, the net worth of the banking sector titan, Chandra Kochhar is Rs. 24 Crore. She joined the ICICI bank as a trainee and later was a core team member with the responsibility of establishing the bank. Fast forward to 2009, she became the Managing Director and CEO and was named the first woman CEO in the Indian banking industry. Her work has always been praised and hence proves the prestigious given titles. She bought a luxurious house located in Mumbai in the year 2011 which is estimated to be Rs. 1.1 Crore. Moreover, she has various properties bought under her name. Chanda Kochhar Net Worth also includes luxury cars like Mercedes Benz and Ford.
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Chanda Kochhar Biography is filled with her career achievements and recognition. Hence, the same has been elaborated on this page with a side story of her personal life. In addition, we have discussed the ongoing allegation with Videocon Group. To give you a gist, she and her husband have been involved in a scam of suspected Rs. 3,250 Crore which involves the Videocon Group loans. You have to go through this page to know the complete story. Start to read the article to know what Chanda Kochhar is doing now.
Banking Sector Titan, Chanda Kochhar Bio Highlights
|Date of Birth||17th November 1961|
|Birth Place||Jodhpur, Rajasthan.|
|Schooling||St. Angela Sophia School, located in Jaipur|
|Colleges/ Universities||Jai Hind College (1982), JBIMS, Institute of Cost Accountants of India|
|Qualifications||B.Com, Studies Cost Accountancy, and a Master’s Degree in Management Studies.|
|Occupation||Ex-CEO and MD of ICICI Bank|
|Parents||Father: Roopchand Advani|
Mother: Not Known
|Children||Aarti Kochhar, Arjun Kochhar|
|Salary Per Month||16+ Lakhs|
Early Life and Education
Chanda Kochhar was born in the blue city of Rajasthan, Jodhpur. She belongs to a Hindu Sindhi family, there is not much information about her parents. However, as per the available information, her father’s name is Roopchand Advani, who was a professor. He left the world when she was only a child. Chanda Kochhar went to St. Angela Sophia School, located in Jaipur. Afterwards, she shifted to Mumbai and enrolled at Jai Hindu College & completed her bachelor’s degree in Commerce from the University of Mumbai. She then studied Cost Accountancy at the prestigious Institute of Cost Accountants of India. Afterwards, she possessed a Master’s Degree in Management Studies from Jamnalal Bajaj Institute of Management Studies, University of Mumbai. Receiving Wockhardt Gold Medal for Excellence in Management Studies and J.N Bose Gold Medal in Cost Accountancy further emphasizes how ambitious Chanda Kochhar was during her Youth.
Chanda Kochhar Career
Chanda Kochhar entered the Industrial Credit and Investment Corporation of India (ICICI) in 1984. She had been designated the role of a management trainee at the beginning. Her roles and responsibilities included handling project appraisal and evaluation and monitoring industrial projects like textile, paper, and cement.
Kochhar was one of the contributory hands in the establishment of ICICI bank in the 1990s. During that time, she was one of the core members of a team designed for setting up the bank. Her work was highly praised and recognized and hence, she was promoted to the Assistant General Manager (AGM) post in 1994. From thereon, she started climbing the ladder to success and quickly became the Deputy General Manager in the year 1996.
During the same period, the bank formed an Infrastructure Industry Group which was headed by Kochhar. Soon she had been designated the post of General Manager and managed the important clients of the bank. Under the influence of Chanda Kochhar, the bank started to build a budding retail business in 2000. This had a focus on technology, innovation, etc, and later in April 2001, she became the Executive Director. Fast forward to 2006, she was given the title of Deputy Managing Director of ICICI Bank and she become the Chief Financial Officer and Joint Managing Director.
Leading Private Bank CEO
In 2009 the bank announced the Managing Director and Chief Executive Officer, Chanda Kochhar. She was now responsible for the functioning of bank activities in India and in foreign countries. She is one of the board members of most of the subsidiary companies, this includes insurance companies as well. She has been the president of the International Monetary Conference. This organization organizes the get-together of all the CEOs, counting at least 70, of financial industries from 30 countries. The following are the tabulated form of achievements and the titles she has received:
|Indian Banks Association||Deputy Chairman|
|Board Member||National Institute of Securities Market|
|Board Member||Institute of International Finance|
|Member||Prime Minister Council on Trade & Industry|
|Board Member||Trade and High-Level Committee on Financing Infrastructure|
|Co-Chair||Word Economic Forum in 2011|
|Award||Padma Bhusan in 2011|
End Of Chapter At ICICI Bank
Going back to 2016, Arvind Gupta, a whistleblower exposed the involvement of Kochhar in the allegation of a shareholder of Videocon Group. However, the bank reviewed the case and cleared Kochhar’s name off the allegation. In 2018, she stepped down from both of her positions due to an anonymous complaint from a whistleblower. After that, she was terminated as it was found that she indeed breached the bank’s code of conduct relating to conflict of interest.
ICICI Bank – Videocon Loan Fraud Case
Allegedly, Kochhar was receiving bribes with the help of her husband Deepak Kochhar by giving loans to the heavily-indebted company, Videocon Group. Such illegal activity was not found until the famous litigator, Arvind Gupta, filed an eight-page complaint against Kochhar describing the illegal activities she had been involved in. He stated how her husband, Deepak Kochhar received 10% of the Videocon’s loan which was sanctioned by the credit committee headed by Chanda. The money was illegally invested in Deepak’s renewable power company. Arvind Gupta forwarded this complaint to agencies like RBI, SEBI, Enforcement Directorate, & the Serious Fraud Investigation Office. This complaint was also sent to Prime Minister Narendra Modi in March 2016.
CBI registered the FRI for this case in January 2019. According to their report, the bank has given high-figure loans to Videocon Group. This includes Rs. 300 crores worth of loans, out of which Chanda received a bribe of Rs. 64 Crore. This amount was transferred by VN Dhoot to her husband’s company Nupower Renewables. Videocon Group has received 6 loans ( worth 1,875 cores) from the bank, two of which were sanctioned by the Chanda Kochhar-headed credit committee. Rs. 300 crores to Videocon International Electronics Limited and Rs. 750 crores to Videocon Industries Limited. As per the FIR, these loans were illegally sanctioned. Most of these lendings turned into non-performing assets. This further caused a loss of Rs. 1,730 crores to ICICI bank. The report also dictates that in 2016, the Churchgate flat (worth 5cr) of Videocon Group was given to Deepak’s Family Trust for just Rs. 11 lahks.
At present, CBI arrested Kochhar and her husband on 24th December 2022, later the chairman of Videocon Group, Venugopal Dhoot was also arrested. The trio has been taken into custody till the 28th.
Frequently Asked Questions
Who is Chanda Kochhar and Why has she been arrested by the CBI?
Chanda Kochhar is the former CEO and MD of the private leading bank ICICI Bank. She has been taken into CBI custody as she has been accused of money laundering during her service at ICICI bank.
At what age did Chanda Kochhar join ICICI bank?
Chanda Kochhar joined the ICICI bank at the age of 22 years as a management trainee. She worked passionately and quickly climb the ladder to success. She served around three decades of service in ICICI Bank.
Who is Chanda Kochhar’s husband?
Deepak Kochhar is the husband of Chanda Kochhar, he is the founder of the organization NuPower Renewables Pvt. Ltd.