Avista helped ICICI Bank clients to recast loans for a commission: Reports

According to the Indian Express, Avista Advisory got the mandate to restructure foreign currency-denominated debt deals worth over $1.7 billion of seven companies over the last six years

Avista Advisory group, a Singapore based company run by ICICI Bank MD & CEO, Chanda Kocchar’s relative helped clients of ICICI Bank to restructure its loans for a commission, media reports said on Tuesday.

Avista is set up by Rajiv Kochhar, brother of Chanda Kochhar’s husband Deepak Kochhar. Deepak Kochhar is facing a Central Bureau of Investigation (CBI) preliminary enquiry on whether ICICI Bank gave loans to consumer durable firm, Videocon in lieu of investments by Videocon in a personal company owned by Deepak Kochhar. Kocchar and ICICI Bank’s board have denied any wrongdoing.

According to the Indian Express, Avista