ICICI-Videocon bank loan case: Chanda Kochhar appears before Enforcement Directorate

ICICI-Videocon bank loan case: Chanda Kochhar appears before Enforcement Directorate

May 13, 2019

Chanda Kochhar’s husband Deepak Kochhar has also been summoned in the ICICI-Videocon bank loan case

Former ICICI Bank CEO Chanda Kochhar on Monday appeared before the Enforcement Directorate (ED) in connection with an alleged bank loan fraud and money laundering case registered against her. Ms. Chanda Kochhar arrived before the ED’s office here in Khan Market shortly before her scheduled appearance time of 11 a.m., official sources said.

Sources said Ms. Chanda Kochhar is required to assist the investigating officer of the case in taking the probe forward and her statement will be recorded under the Prevention of Money Laundering Act (PMLA).

Her husband Deepak Kochhar has also been summoned in the same case even as her brother-in-law (Deepak’s brother) Rajiv Kochhar has been grilled by the ED few days back in New Delhi.

They have been questioned in the past too at the agency’s office in Mumbai after the Central agency conducted raids in this case on March 1.

The searches were conducted at the premises of Ms. Chanda Kochhar, her family and Venugopal Dhoot of Videocon Group in Mumbai and Aurangabad.

The ED has registered a criminal case under the PMLA early this year against Ms. Chanda Kochhar, Mr. Deepak Kochhar, Mr. Dhoot and others to probe alleged irregularities and corrupt practices in sanctioning of ₹1,875-crore loans by the Bank to the corporate group.

This ED action was based on a CBI FIR.

The CBI has named all the three and Dhoot’s companies — Videocon International Electronics Ltd. (VIEL) and Videocon Industries Limited (VIL).

The CBI also named Supreme Energy, a company founded by Mr. Dhoot, and NuPower Renewables, a company controlled by Mr. Deepak Kochhar, in the FIR.

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