Tuesday, October 27, 2020

India: Former ICICI Bank CEO Chanda Kochhar Appears Before ED in Alleged Money Laundering Case

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Former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar who appeared before the Enforcement Directorate on Monday was once again summoned by the agency on May 14 for questioning in connection with ICICI-Videocon loan case. Meanwhile, Chanda Kochhar had arrived at the agency’s Khan market office shortly before the scheduled appearance time of 11 AM in the alleged bank loan fraud and money laundering, stated officials.

Kochhar was required to assist the investigating officer of the case in taking the probe forward, stated sources. They added that her statement will be recorded under the Prevention of Money Laundering Act (PMLA).

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

Earlier, the ED has questioned them 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.

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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.

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