The Central Bureau of Investigation (CBI) on Friday issued circulars against former ICICI Bank Managing Director & CEO Chanda Kochhar, her husband Deepak Kochhar and Videocon Managing Director Venugopal Dhoot in the ICICI Bank-Videocon corruption case.
An FIR was registered last month for alleged corruption in six loans worth Rs 1,875 crore given to Videocon group during 2009-11. The Enforcement Directorate (ED) is extending the probe into possible forex rules violations.
The Enforcement Directorate (ED) is also investigating into possible forex violations. The Enforcement Directorate also wants to investigate assets that the couple built and possessed, which includes their South Mumbai apartment.
According to a report of the official, a senior lawyer said that the LOC was unwarranted in this case and said that Chanda Kochhar cannot be clubbed in the same category as those who have fled the country on charges of economic offences. “She has been a respectable figure in financial circles and none of the charges has been proven to be true. There are a lot of assumptions here,” the lawyer said.
Last year, CEOs of public sector banks were empowered to request for issuance of lookout circulars against suspects even before enforcement agencies file FIRs against them. After the PNB fraud, the Finance Ministry had asked Public Sector Banks (PSBs) to collect passport details of all the borrowers who had taken loans exceeding Rs 50 crores.
To recap, Chanda Kochhar had resigned in October last year, six months before her current tenure was to end. After her exit, ICICI Bank board had elevated chief operating officer (COO) Sandeep Bakhshi as the new boss of the bank for five years until October 3, 2023.
The official said that “The Kochhar had floated several companies to route the money. These companies had close transactions with various Videocon Group companies. We want the details from the Registrar of Companies (RoC) to study the fund flow.”