Monday, October 26, 2020

India: ED suspects former ICICI Bank CEO, Kochhar got kickbacks for giving loans to Sterling Biotech, Bhushan Steel

-

The Enforcement Directorate has reportedly widened the scope of its probe against former ICICI Bank CEO and MD Chanda Kochhar. A report by India Today said that the agency is looking into loans extended by ICICI Bank to Sandesara brothers-led Sterling Biotech and the embattled Bhushan Steels, which was recently acquired by Tata group.

The Enforcement Directorate (ED) suspects that the firm of Chanda Kochhar’s husband, Deepak Kochhar, was benefitted in lieu of granting loan to the tune of hundreds of crores of rupees to Sterling Biotech. Nitin Sandesara and Chetan Sandesara owned the Vadodra-based company and are wanted in an Rs 8,100-crore bank loan fraud.

The Sandesara brothers are presently on the run from Indian authorities and are suspected to be hiding in Albania. Hitesh Patel, one of the accused in the Sterling Biotech bank fraud case and a close aide to the Sandesaras, was nabbed last month in Albania.

Chanda Kochhar was also benefitted by granting loans to Bhushan Steels, the India Today report said. The ED suspects that the company offered to invest in Deepak Kochhar’s firm in exchange of loans from ICICI Bank, the report said. Bhushan Steels is already under investigation by the Central Bureau of Investigation.

- Advertisement -

A citizen of Singapore has also revealed more than a dozen dubious loans which were granted by ICICI Bank during the tenure of Chanda Kochhar in exchange of investment in her husband’s firm, the report said. Primary investigation by the probe agency has found that details provided by the Singaporean citizen are legitimate, India Today reported while quoting sources.

The ED has summoned former Managing Director (MD) & Chief Executive Officer (CEO) of ICICI Bank Chanda Kochhar on May 3 in connection with the Videocon money laundering case. The probe agency has asked Kochhar to make a personal appearance before it in Delhi with a detailed list of movable and immovable assets owned by her.

Her husband Deepak Kochhar has also been summoned along with her brother-in-law Rajeev Kochhar on April 30. ED’s investigating officer in the case will record their statements under the Prevention of Money Laundering Act (PMLA).

- Advertisement -
- Advertisement -

MUST READ

Julius Baer to deny two former CEOs their bonuses over money laundering scandal

Julius Baer will withhold millions of francs in bonuses from its former chief executives Boris Collardi and Bernhard Hodler, as a result of a...

Goldman Sachs executives to cover part payments of $3 billion fines in 1MDB scandal

Nine current or former Goldman Sachs executives, including CEO David Solomon, will have to pay back hundreds of millions of dollars in compensation over...

Goldman Sachs agrees $3 billion settlement with US DoJ over 1MDB corruption scandal

Goldman Sachs has agreed to pay nearly $3bn (£2.3bn) in the US to end a probe of its role in Malaysia's 1MDB corruption scandal. The...

Hong Kong fines Goldman Sachs $350 million over 1MDB scandal

Goldman Sachs ignored multiple red flags over the multibillion-dollar fundraisings it arranged for state fund 1Malaysia Development Berhad, Hong Kong’s financial regulator said on...

Texas attorney general Ken Paxton fires top aide who accused him of bribery

Lacey Mase, one of the top aides who accused Texas Attorney General Ken Paxton of crimes including bribery and abuse of office, has been fired, she told The...

Subscribe For More

Get our daily notification on the latest financial crimes news around the World

Advertisement
Advertisement

Latest News

This Week

Brother of ex-Pakistan PM Nawaz Sharif jailed for money laundering

Pakistan Muslim League-Nawaz (PML-N) chief and Opposition Leader in the National Assembly Shehbaz Sharif was sent to jail on Tuesday in a money laundering...

Texas AG Ken Paxton fires second whistleblower who accused him of bribery

A second whistleblower has been fired from the Texas attorney general’s office after reporting his boss, Texas Attorney General Ken Paxton, to law enforcement for...

Former Harris County deputy constable pleads guilty to transporting drug money and heroin

A former Harris County deputy constable and her husband pleaded guilty Wednesday to charges of conspiracy to possess with intent to distribute heroin, according...

Former Malawi minister sentenced to six years in prison over passport corruption scandal

A court in Malawi’s capital Lilongwe on Thursday sentenced a former home minister to six years in prison after he was found guilty in...
Advertisement

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks