Money & Banking

ICICI-Videocon case: Chanda Kochhar appears before ED

PTI New Delhi | Updated on May 13, 2019 Published on May 13, 2019

Chanda Kochhar, Former CEO, ICICI Bank. File Photo   -  Bloomberg

Sources said Kochhar is required to assist the investigating officer of the case in taking the probe forward and her statement will be recorded under the PMLA

Former ICICI Bank Chief Executive Officer (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.

Kochhar arrived before the ED’s office here in Khan Market shortly before her scheduled appearance time of 11 am, official sources said.

Sources said 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 here.

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 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 Chanda Kochhar, Deepak Kochhar, Dhoot and others to probe alleged irregularities and corrupt practices in sanctioning of Rs 1,875-crore loans by the Bank to the corporate group.

This ED action was based on a first information report (FIR) by the Central Bureau of Investigation (CBI).

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 Dhoot, and NuPower Renewables, a company controlled by Deepak Kochhar, in the FIR.

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Published on May 13, 2019
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