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Kochhars Appear Before ED Again In Videocon Case


14 May 2019

OMMCOM NEWS


New Delhi:  Former ICICI Bank MD and CEO Chanda Kochhar and her husband Deepak Kochhar on Tuesday appeared before the Enforcement Directorate for questioning in connection with its ongoing investigation into Rs 1,875-crore Videocon loan case.

After facing over nine hours of questioning on Monday, the Kochhars arrived at the ED headquarters earlier in Khan Market area. 

On Monday, the Kochhars were quizzed about their business dealings with the Videocon group promoter and chairman Venugopal Dhoot and also about 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 is their first appearance before the ED in the national capital.

In March, the ED had conducted a series of searches at the residence and office premises of Kochhars and also questioned 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.

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 had proceeded to declare the Rs 2,810 crore of unpaid loan as non-performing asset (NPA). (IANS)