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Report: ICICI Bank draws overseas regulatory scrutiny over loan impropriety

Overseas regulators may look into the alleged lapses at ICICI Bank Ltd., including the U.S. SEC, the Press Trust of India reported June 10, citing sources.

Indian regulators and investigative agencies may also reach out to their overseas counterparts, including in Mauritius, as part of their investigation into CEO Chanda Kochhar's alleged connection to an improper loan to Videocon Group, officials said. The U.S. markets regulator is looking into the matter as ICICI Bank is listed in the U.S.

The CEO is under investigation for a possible conflict of interest over loans made to Videocon Group, whose chairman, Venugopal Dhoot, had a business relationship with Kochhar's husband. There are also allegations that the bank extended loans to other companies and received reciprocal benefits.

The SEC has reportedly approached the Securities and Exchange Board of India for further details about the improper loans. Meanwhile, local authorities including the Reserve Bank of India and the Corporate Affairs Ministry are also investigating the matter.