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ED summons Chanda Kochhar, husband, brother-in-law
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SME Times News Bureau | 23 Apr, 2019
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.
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