You are here: Home » Economy & Policy » News
Business Standard

ED questions Avista Advisory CEO Rajiv Kochhar in money laundering case

Chanda Kochhar, husband seek 10-day extension for personal appearance, ED agrees

Shrimi Choudhary  |  New Delhi 

ED questions Avista Advisory CEO Rajiv Kochhar in money laundering case

The (ED) questioned Rajiv Kochhar, brother-in-law of ICICI Bank's former chief Chanda Kochhar, for the second day on Monday, in connection with the ICICI-Videocon loan case.

The ED had issued summons to and asked for personal appearance on April 30, which he had advanced. "His (Rajiv) questioning and statement will continue for three-four days," an ED official said.

The case was registered under the Prevention of Act (PMLA) in February.

Meanwhile, and husband have sought an extension of 10 days from the ED for making a personal appearance. The ED has accepted the request and called the couple on May 11, said the official. Earlier, Deepak and were summoned on April 30 and May 3.

An email sent to remained unanswered.

Singapore-based Avista, which specialises in debt recast, acted as an adviser for several borrowers of ICICI, including Videocon, especially with regard to foreign currency convertible bonds (FCCBs). The enforcement agency is examining several documents of and its other subsidiaries overseas since 1995.

has been asked to provide details such as a list of companies/trusts that he had incorporated along with brother Deepak Kochhar or directorships in other companies since 1995. He has also been asked to submit a list of movable and immovable assets both in India and abroad along with copies of balance sheets, profit and loss accounts and tax audits etc of their companies.

The controversy has gained spotlight after the probe agency received a Singapore-based whistle-blower's letter on the Kochhar brothers.

The ED is investigating the case, following the Central Bureau of Investigation's first information report against the Kochhar family, Videocon Industries, head and others for sanctioning certain loans to private firms. The Income-Tax department is conducting a parallel investigation in the case. I-T officials earlier questioned Deepak Kochhar in connection with the case.

First Published: Mon, April 29 2019. 21:57 IST
RECOMMENDED FOR YOU