Inspection of six firms linked to ICICI Bank fraud at advance stage

The Corporate Affairs Ministry said that the inspection of six companies, including NuPower Renewables, linked to the alleged ICICI Bank fraud is at a very advanced stage. The ministry ordered inspection of the firms allegedly involved with ex-ICICI chief Chanda Kochhar and her family members in a loan provided to Videocon Group in a quid pro quo basis who in turn pumped money into NuPower Renewables, owned by Chanda's husband Deepak Kochhar. The controversy forced Chanda Kochhar to step down as the MD and CEO of the bank in October.