ICICI aided defaulters with letters of credit: Whistleblower
Chanda Kochhar-led ICICI Bank issued hundreds of Letters of Credit (LCs) to corporate borrowers to help them avoid loan defaults, a whistleblower has alleged. The bank allegedly issued LCs against fictitious bills to service a number of loans. ICICI also extended loans to debt-laden companies to help them repay previous loans, a practice known as 'evergreening', reports said.