ICICI-Videocon Case: ED Raids Homes, Offices Of Venugopal Dhoot &Chanda Kochhar

News World India | 0
| March 1 , 2019 , 12:48 IST

The Enforcement Directorate (ED) on Friday carried out searches at offices and residential premises of former ICICI Bank CEO Chanda Kochhar her husband Deepak Kochhar and Videocon Group MD Venugopal Dhoot in connection with a bank loan fraud case.

Officials said the raids are being carried out in at least five office and residential premises in Mumbai and a few other locations.

A team of ED sleuths, assisted by the police, is looking for more evidence in the case and the raids were launched early Friday morning, officials said. The ED's PMLA case was filed after taking cognisance of a CBI complaint lodged in the matter last month.

During the raids conducted by the CBI last month, several documents related to the investigation were seized. CBI had then said that once the scrutiny process is over, they may ask the individuals or concerned companies to provide necessary required documents and later on summons will be issued.

The agency had also registered a criminal case under the Prevention of Money Laundering Act (PMLA) earlier this month against Kochhar, her husband Deepak Kochhar, Dhoot and others to probe alleged irregularities and corrupt practices in sanctioning of Rs 1,875-crore loans by the ICICI bank to the corporate group.

Chanda was in a sanctioning committee which approved loan of Rs 300 crore to Videocon International Electronics Ltd (VIEL) and Rs 750 crore to Videocon Industries Ltd (VIL).

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Earlier, the FIR was lodged to examine the allegation of alleged ‘quid-pro-quo’ in the loan granted to Videocon by ICICI Bank whose former CEO and MD were Chanda Kochhar.

A shareholder had alleged that Deepak Kochhar's wife Chanda Kochhar got ICICI Bank to grant a loan of Rs 3,250 crore to Venugopal Dhoot's Videocon Group.

The shareholder alleged that in return for the loan, Venugopal Dhoot invested Rs 64 crore in Chanda Kochhar's husband's NuPower Renewables.