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ED summons Chanda Kochhar, husband, brother-in-law

Tuesday - April 23, 2019 8:30 pm , Category : BUSINESS
New Delhi, April 23 (IANS) The Enforcement Directorate (ED) has issued summons to former ICICI Bank CEO Chanda Kochchar, her husband Deepak Kochchar and brother-in-law Rajiv Kochchar for questionning in a money-laundering case.
The agency has summoned Deepak and Rajiv Kochchar on April 30 while the former ICICI Bank chief has been summoned on May 5, sources said.
The case is related to the alleged irregularities and corrupt practices in the sanction of a Rs 1,875 crore loan disbursed by ICICI Bank to the Videocon Group during 2009 and 2011. The ED got clues about an illegal transaction running to crores of rupees routed to NuPower.
In March, EDA had conducted a series of searches at the residence and office premises of Kochhars as part of its investigations and also questioned Chanda and Deepak Kochhar along with Videocon Group promoter Venugopal Dhoot.
Allegedly, Videocon group's promoter Venugopal Dhoot had invested in the Deepak Kochhar company, NuPower Renewables Ltd through his firm Supreme Energy as quid-pro-quo for loans cleared by the ICICI Bank under Chanda Kochhar.
Out of the Rs 40,000 crore loan to the Videocon group, Rs 3,250 crore was given by ICICI Bank and a large portion of the loan by ICICI was unpaid at the end of 2017. The bank proceeded to declare the Rs 2,810 crore of unpaid loan as non-performing asset.

--IANS rrb/sn/prs