Mumbai: The Enforcement Directorate is conducting searches under Prevention of Money Laundering Act, 2002 (PMLA) at the premises of former Chairman ICICI Bank Chanda Kochhar, her husband Deepak Kochhar and Managing Director of Videocon Group Venugopal Dhoot on Friday. The ED searched Kochhar’s residence in south Mumbai and Dhoot’s Aurangabad residence.
According to the FIR lodged by the Central Bureau of Investigation (CBI), Chanda Kochhar is named as an accused in the ICICI Bank-Videocon loan case. The ongoing probe launched by ED in February is regarding the case of alleged irregularities and corrupt practices in sanctioning Rs 1,875 crore loan by the bank to the corporate group.
Earlier the Central Bureau of Investigation (CBI) had searched Nupower Renewables and Dhoot’s office in Mumbai and Aurangabad. This is the first instance of an ED raid at the Kochhar residence. Kochhar is accused of “sanctioning loans to private companies in a criminal conspiracy with other accused to cheat the ICICI Bank”.
The FIR followed a preliminary enquiry (PE) instituted on March 31, 2018, against Chanda Kochhar’s husband Deepak Kochhar, Videocon Group officials and others to determine whether any wrongdoing was involved in the sanctioning of the loan by the ICICI Bank as part of a consortium.
Last month, when the CBI had raided four locations in Mumbai and seized several documents. Justice BN Srikrishna Committee that probed the allegations against Kochhar found that she violated the bank’s code of conduct in dealing with conflict of interest and fiduciary duties in the case of loans to Videocon that had routed a part of the money to a company owned by her husband Deepak.
(With Agency inputs)