Former ICICI Bank Ltd. Chief Executive Officer Chanda Kochhar appeared before the Enforcement Directorate on Monday in connection with the Videocon loan case, where she is accused of fraud and money laundering. Kochhar arrived before the ED office in New Delhi’s Khan Market shortly before her scheduled appearance time of 11 a.m., people familiar with the development said.
Kochhar, according to these people, is required to assist the investigating officer in the ICICI-Videocon loan case in taking the probe forward. Her statement will be recorded under the Prevention of Money Laundering Act.
Kochhar’s husband, Deepak Kochhar, has also been summoned in the Videocon loan case and her brother-in-law Rajiv Kochhar was questioned by the ED a few days back in Mumbai. They have been questioned in the past too 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.
The ED had earlier this year registered a criminal case under the PMLA against Chanda Kochhar, Deepak Kochhar, Dhoot and others to probe alleged irregularities and corrupt practices in sanctioning of Rs 1,875 crore in loans to Videocon Group. This ED action was based on a CBI FIR in the ICICI-Videocon loan case.
The Central Bureau of Investgation has named the Kochhars and Dhoot’s companies—Videocon International Electronics Ltd. and Videocon Industries Ltd. CBI has also named Supreme Energy, a company founded by Dhoot, and NuPower Renewables, a company controlled by Deepak Kochhar, in the FIR.
