Enforcement Directorate searched the homes and offices of former ICICI Bank chief executive Chanda Kochhar and Videocon managing director Venugopal Dhoot today in a loan case.
According to a NDTV report, the Central Bureau of Investigation has already issued a look-out circular against Kochhar and has revived ones against her husband Deepak Kochhar and Dhoot. Look-out circulars are notices sent to transit points like airports to restrict the movement of people under investigation by probe agencies.
The case is related to a loan given by ICICI Bank to Videocon when Chanda Kochhar was heading it, and the business ties between Venugopal Dhoot and her husband.
Dhoot allegedly invested crores of rupees in NuPower Renewables, a company founded by Kochhar's husband, months after Videocon group was granted a loan by ICICI Bank.
It was part of a Rs. 40,000-crore loan which Videocon got from a consortium of 20 banks led by State Bank of India. The Rs. 3,250 crore loan has become a non-performing asset for ICICI Bank.
The CBI is currently examining evidence collected during searches at the homes and offices of the three accused right after a First Information Report (FIR) was filed against them last month.
Taking note of the FIR filed by the CBI, the Enforcement Directorate also filed a case and is looking at money laundering angle.
Kochhar, 56, had quit as CEO and managing director of ICICI Bank in October last year over allegations that she favoured Videocon group in the bank's lending practices.
A whistleblower alleged that the Kochhars and their family members benefited from the dealings reports NDTV.
Kochhar worked at India's third-biggest lender for over three decades, rising through the ranks to become one of the most influential women bankers. She has said she was "utterly disappointed, hurt and shocked."
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