Business

Lookout Notice Issued Against ICICI Bank CEO Chanda Kochhar And Rajkumar Dhoot

SHAHNAWAZ | 0
4408
| April 7 , 2018 , 12:07 IST

Trouble seems to be mounting against ICICI Bank CEO Chanda Kochar and her family who have been caught in the midst of ICICI – Videocon loan scandal. Days after immigration officials prevented her Chanda Kochhar’s brother in law Rajiv Kochhar from flying out of the country, reportedly at the request of CBI, look out notices have been issued against Chanda Kochhar, her husband Deepak Kochhar and Videocon Group promoter Rajkumar Dhoot.

The Central Bureau of Investigation is probing a possible quid pro quo involved in a Rs 3,250 crores loan sanctioned to the Videocon Group by ICICI Bank. Kochhar’s husband Deepak Kochhar and Videocon chief Rajkumar Dhoot had jointly floated NuPower Renewables.


What is a lookout notice?

A lookout circular (LoC) is a letter used by several authorities to check the entry and exit of a person of interest in and out of the nation. In this case, the lookout circular has been issued to prevent these people against whom the CBI investigation is on from leaving the nation.

The CBI and investigation bodies have been caught unaware in the past where economic offenders like Nirav Modi, Mehul Choksy, Vijay Mallya and Lalit Modi fled the nation while investigation against them was on and the agencies cannot risk any further embarrassment.

Also Read: Nirav Modi Traced To Hong Kong, Govt Sends Request For Provisional Arrest

Speaking to a news portal Rajkumar Dhoot has rubbished the reports of a lookout circular being issued for him.

The ICICI Bank, on the other hand, stands firmly behind its chief. Last week, the ICICI Bank board came out in support of Chanda Kochhar, saying it had full faith and confidence in her. A statement from the bank said the Bank Board had reviewed the internal processes for credit approval and found them robust. It also concluded that there was no question or scope of any favouritism, nepotism or quid-pro-quo.