Former chairman of ICICI bank Chanda Kochhar and her husband Deepak were summoned by the Enforcement Directorate for questioning after raids were conducted in their residence and Videocon office
New Delhi: The Enforcement Directorate (ED) Mumbai based on documents and other digital evidence summoned former chairman of ICICI bank Chanda Kochhar and her husband Deepak Kochhar for questioning, in a money laundering case related to ICICI- Videocon loan deal.
According to the sources, Chanda Kochhar and her husband reached the ED’s Mumbai office and will face more than 30 questions based on findings of the investigation by ED sleuths. Videocon group chief Venugopal Dhoot has also been summoned by ED in the matter. It is also likely that ED will initiate a round of cross examination to clarify the claims of the accused.
Chanda Kochhar who lost her job due to ongoing case will be asked about particulars of the loan, including details of the amount transferred by Dhoot to her husband’s company. On the other side, ED are looking to obtain information on the deal between Deepak Kochhar and Dhoot and understand the purpose of obtaining money from Dhoot.
The ED on Friday raided the residences of former chairman of ICICI bank Chanda Kochhar and Videocon chief Venugopal Dhoot. According to investigative authorities, raids have been conducted in Mumbai and Aurangabad.
The ED has registered a case naming Kochhar and her husband Deepak after the Central Bureau of Investigation (CBI) registered a criminal case regarding a loan deal between ICICI and Videocon. Later, after loan approval, a hefty amount was transferred to Chanda Kochhar’s husband’s company by Videocon.
While CBI is looking for incriminating evidence in this matter, the ED is investigating money laundering that allegedly took place.
On January 24, the CBI registered a case against Chanda Kochhar’s businessman husband Deepak and Videocon MD Dhoot in a case of alleged irregularities in the sanctioning of loans by the bank.
CBI and ED’s initial investigations revealed that, from June 2009 to October 2011, the ICICI Bank had allegedly sanctioned six high-value loans to various Videocon Group companies. Kochhar had taken over the post of managing director of ICICI Bank on May 1, 2009. The companies; M/S Nupower Renewables Limited (NRL) and M/S Supreme Energy Private Limited (SEPL) have also been named in the case.
It is also alleged that Dhoot invested a large amount of funds in the Deepak Kochhar-owned Nupower within months after Videocon Group received Rs 3,250 crore as loan from ICICI Bank in 2012.
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