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Videocon case: Kochhars questioned by ED for 3rd day
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SME Times News Bureau | 15 May, 2019
Former ICICI Bank CEO and
Managing Director Chanda Kochhar and her husband Deepak Kochhar on
Wednesday deposed before the Enforcement Directorate for the third
consecutive day for questioning in connection with the Rs 1,875-crore
Videocon loan case.
The Kochhars arrived at the ED headquarters
in south Delhi's Khan Market area around 2.20 p.m. They were also asked
to bring some documents.
A senior ED official said that the the couple has asked to depose before the agency by afternoon.
The financial probe agency has questioned the Kochhar's for 17 hours on Monday and Tuesday.
The
agency officials asked the Kochhars about their business dealings with
Videocon Chairman Venugopal Dhoot and the financial transactions that
took place between them.
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 into crores of rupees routed to NuPower, a company run by Deepak Kochhar.
The Kochhars were questioned on many occasions last month in Mumbai. This was their first appearance before the ED in Delhi.
In
March, the ED had conducted searches at the residence and office
premises of the Kochhars and questioned them along with Dhoot.
Allegedly,
Dhoot had invested in NuPower Renewables Ltd. through his firm Supreme
Energy as quid pro quo for loans cleared by the ICICI Bank under Chanda
Kochhar.
Of the Rs 40,000 crore loan to the Videocon group, Rs
3,250 crore was given by ICICI Bank. 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 (NPA).
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