BJP MP Udit Raj alleges ICICI Lombard caused loss to public exchequer

BJP MP Udit Raj today alleged that a subsidiary of ICICI Bank had caused a "huge loss" to the public exchequer through "financial irregularities" in various government schemes and demanded the arrest of its head Chanda Kochhar.

Raj, a Dalit member of the Lok Sabha, also claimed at a press conference that underprivileged people, a majority belonging to scheduled castes, tribes and other backward classes, were defrauded by ICICI Lombard.

His allegations came after ICICI Bank's MD and Chief Executive Officer Chanda Kochhar was accused of impropriety over a business transaction involving her husband.

Raj alleged that ICICI Lombard committed irregularities in schemes such as the Ministry of Textiles-sponsored RGSSBY (Rajiv Gandhi Shilpi Swasthya Bima Yojna), WBCIS (Weather Based Crop Insurance Scheme) and RSBY (Rashtriya Swasthya Bima Yojna).

He demanded that Kochhar and officials of the Insurance Regulatory and Development Authority (IRDA), who allegedly connived, "be taken into custody".

There was no immediate reaction from ICICI Bank to Raj's allegations.