Levelling fresh allegations of quid pro quo deals by the ICICI Bank MD and CEO Chanda Kochhar, the independent activist and whistleblower Arvind Gupta has alleged that Ruia brothers of Essar group got undue favours from the bank for “round-tripping” investments into her spouse Deepak Kochhar’s NuPower Group.
The Ruias funded the NuPower and its subsidiary through their son-in-law Nishant Kanodia and nephew Anirudh Bhuwalka during December 2010 to March 2012 by subscribing to compulsorily convertible preference shares and equity shares, Gupta has alleged in his fresh letter dated May 11, 2018, addressed to Prime Minister Narendra Modi.
Almost two years back (March 2016), he had written a letter to the PM alleging dirty dealings between the bank, through Chanda Kochhar, and the Videocon Group to benefit her family. Read More
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