ED SUMMONS CHANDA KOCHHAR, HER HUSBAND & HER BROTHER-IN-LAW TO QUESTION IN A MONEY LAUNDERING CASE

Former CEO of ICICI Bank Chanda Kochhar. Her husband Deepak Kochhar and brother-in-law Rajiv Kochhar are going to appear in front of Enforcement Directorate. By this week in related to a money laundering case. ED is probing a case of money laundering based on a Central Bureau of Investigation (CBI) which is probing alleged irregularities. It corrupt practices in sanctioning of₹1875 crore of loan to Videocon International Electronics Ltd by ICICI Bank in 2012. A term loan of ₹300 crore was allegedly a part of quid pro quo for the business group’s dealings with her husband.

It is alleged that ICICI Bank has Rs 2810 NPA from the loan given to Videocon Ltd. Therefore it is for Rs 3250 crore by Chanda Kochhar. Due to favour VenugopalDhoot for investing in her husband’s company and giving loan to NuPower Ltd of Rs 60 crore. While ED has summoned the Kochhar brothers on 30 April. Chanda Kochhar has been summoned on 5 May, said an official with the investigative agency.

The ED on 1 March had conducted a series of searches at the residence. In the office premises of Kochhar’s as part of its investigations. “The ED has called them with their bank account details. The statements to verify the trail of money,” said the official.

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