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ICICI bank-Videocon case: ED searches office, residential premises of Chanda Kochhar, Dhoot

Press Trust of India  |  New Delhi/Mumbai 

The (ED) on Friday carried out searches against former and Videocon promoter in connection with a loan case, according to officials.

They said the raids are being carried out in at least five office and residential premises in and a few other locations.

The agency, in a statement, said it is "conducting searches under PMLA at the premises of Chanda Kochhar, former ICICI Bank, and of in and respectively."

The ED had registered a criminal case under the Prevention of Money Laundering Act (PMLA) earlier this month against Chanda Kochhar, her husband Deepak Kochhar, and others to probe alleged irregularities and corrupt practices in sanctioning of Rs 1,875-crore loans by the to the group.

A team of ED sleuths, assisted by the police, is looking for more evidences in the case and the raids were launched early Friday morning, an said.

The case was filed after taking cognisance of a CBI complaint lodged in the matter last month.

The CBI had named Chanda Kochhar, Deepak Kochhar, and Dhoot and his companies -- (VIEL) and (VIL).

The central probe agency also named Supreme Energy, a company founded by Dhoot, and Nupower Renewables, a company controlled by Deepak Kochhar, in the FIR.

It is alleged that Dhoot had invested in Deepak Kochhar's company Nupower through his firm a quid pro quo to loans cleared by after took over as the of the bank on May 1, 2009.

The ownership of Nupower and changed hands through a complex web of shared transactions between and Dhoot, the CBI had alleged.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, March 01 2019. 11:45 IST
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