ICICI Bank-Videocon loan case: ED searches premises of Chanda Kochhar, Venugopal Dhoot

March 01, 2019:

On Friday, based on the FIR lodged by the CBI alleging sanction of credit facilities to Videocon group companies in violation of rules, which caused a loss of ₹.1,730 crore to the bank, the searches as part of this money laundering probe has begun.

The Enforcement Directorate (ED) is conducting searches on the premises of Chanda Kochhar, former chief executive officer and managing director of ICICI Bank, and Videocon group chief Venugopal Dhoot.

The searches are part of a money laundering probe based on the FIR lodged by the Central Bureau of Investigation (CBI) alleging sanction of credit facilities to Videocon group companies in violation of rules, which caused a loss of ₹1,730 crore to the bank.

Amongst those named as accused in the case are Ms. Kochhar, her husband Deepak Kochhar and Mr. Dhoot.

According to the CBI, six high-value loans were sanctioned to various companies under the Videocon Group from June 2009 to October 2011 in alleged violation of the guidelines.

After registering the case, the CBI had carried out searches in Mumbai and Aurangabad, including the offices of Videocon Group, Mr. Kochhar's company Nupower Renewables Limited (NRL) and Supreme Energy Private Limited.

As alleged, NRL had received a quid pro quo of ₹64 crore in September 2009 for facilitating the loans.

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