New Delhi: Former ICICI Bank Chief Executive Officer (CEO) and Managing Director Chanda Kochhar and her husband Deepak Kochhar have been called by the Enforcement Directorate (ED) for questioning on Friday, May 17, in connection with ICICI Bank-Videocon loan case. The couple was questioned by for about nine hours on Thursday, for the 4th consecutive day.
In the month of March, they were questioned by the agency in Mumbai. The couple on Tuesday arrived at the agency’s headquarters in Khan Market around their scheduled appearance time of 11:30 am, stated official sources. Their statement was recorded under the Prevention of Money Laundering Act (PMLA) by the investigating officer of the case, added the sources.
The Kochhars were supposed to depose before the agency earlier this month but they had then sought an extension of time and were allowed.
Chanda Kochhar’s brother-in-law and Deepak’s brother, Rajiv Kochhar, was also grilled by the ED multiple times in the case a few days ago. The founder of Singapore-based Avista Advisory has also been questioned by the CBI in the past about the help he had extended to Videocon in relation to the loan from ICICI Bank, which was part of a Rs 400-billion credit given by a consortium of 20 banks to the group of main promoter, Venugopal Dhoot.
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 CBI FIR. The Central Bureau of Investigation 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.
– Inputs from agencies