The Enforcement Directorate (ED) has been undertaking searches at premises of former ICICI Bank MD and CEO Chanda Kochhar and Videocon managing director Venugopal Dhoot, entangled in a quid pro quo case.
The raids followed the CBI’s issue of lookout circulars (LOCs) against Chanda Kochhar, her husband Deepak Kochhar and Dhoot. Future details will arrive soon.
Reportedly, the Enforcement Directorate (ED) is expanding the probe in order to lookout for possible forex rules violations in the ICICI Bank corruption case.
The ED is looking to investigate assets the couple built and possessed, including their South Mumbai apartment. It is expected that the couple will be probed on their tax details by the ED.
It is said that Dhoot had invested in Deepak Kochhar’s company Nupower through his firm Supreme Energy in exchange for loans to be cleared by ICICI Bank after Chanda Kochhar became the CEO of the bank on May 1. 2009.
Mr Dhoot allegedly invested crores of rupees in NuPower Renewables, a company founded by Ms Kochhar’s husband, months after Videocon group was granted a loan by ICICI Bank.
It all turned out to be a Rs. 40,000-crore loan which Videocon got from a consortium of 20 banks led by State Bank of India. The Rs. 3,250 crore loan has become a non-performing asset for ICICI Bank.
The CBI is looking through the evidence collected during searches at the homes and offices of the three accused right after a First Information Report (FIR) was filed against them last month.
Ms Kochhar, 56, had quit as CEO and managing director of ICICI Bank in October last year over allegations that she favoured Videocon group in the bank’s lending practices.
A whistleblower alleged that the Kochhars and their family members benefited from the dealings.
Ms Kochhar worked at ICICI, India’s third-biggest lender for over three decades, climbing the ranks to become one of the most influential women bankers. She has said she has been hurt and shocked.
