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ICICI Bank fraud: Chanda Kochhar, husband Deepak Kochhar questioned by ED

The Kochhars were summoned by the ED a day after their home and offices, along with that of Dhoot's, were searched by the agency.

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Former ICICI Bank CEO Chanda Kochhar outside the ED office, in Mumbai, on Saturday
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Former ICICI Bank CEO Chanda Kochhar and husband Deepak Kochhar appeared before the Mumbai office of Enforcement Directorate (ED) on Saturday, after they were summoned by the agency, in connection with a money-laundering case related to a bank loan fraud.

While Chanda left office within half an hour, Deepak and Videocon Managing Director Venugopal Dhoot were still being questioned till the time of this report going to press.

The Kochhars were summoned by the ED a day after their home and offices, along with that of Dhoot's, were searched by the agency. The search at Kochhar's premises went on till 8 pm on Friday, while Dhoot was questioned till 11 pm on Friday at the ED's Mumbai office. The agency had conducted searches in Mumbai and Aurangabad on Friday.

The Central Bureau of Investigation (CBI) had initiated a preliminary inquiry into the case after news reports claimed that Videocon chairman Venugopal Dhoot had provided crores of rupees to a firm that was promoted by Deepak and some relatives. The alleged transfer took place after Dhoot's group was given a loan of Rs 3,250 crore by the ICICI Bank.

The CBI, in it's FIR filed in January this year, had named the Kochhar couple, Dhoot and his companies - Videocon International Electronics Ltd (VIEL), Videocon Industries Limited (VIL) and Supreme Energy and NuPower Renewables, a company controlled by Deepak.

Taking note of the FIR filed by the CBI, the ED also filed a case under the Prevention of Money Laundering Act (PMLA) early this year against Chanda Kochhar, Deepak Kochhar, Dhoot and others to probe the alleged irregularities and corrupt practices in sanctioning of Rs 1,875 crore loans by ICICI Bank to the corporate group.

"One of the allegations is that Dhoot had invested Rs 64 crore in NuPower Renewables, a day after Videocon group was granted a loan of Rs 200 crore by ICICI Bank. This was when Chanda Kochhar was at the helm in the said bank. Deepak Kochhar and Dhoot were being questioned in a face to face confrontation with regards to the monetary dealings that had taken place between them," said an ED official, refusing to divulge anything more.

Last month, CBI had issued a look-out circular against Kochhar, husband Deepak Kochhar and Dhoot. Look-out circulars are notices sent to transit points like airports to restrict the movement of people under investigation by probe agencies.

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