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ICICI-Videocon loan case: Chanda Kochhar, husband appear before ED

Press Trust of India  |  New Delhi 

Former and her husband appeared before the (ED) on Monday in connection with an alleged loan fraud and case registered against them.

The couple arrived at the in Khan Market here shortly before their scheduled appearance time of 11 am, official sources said.

They said the two were required to assist the investigating (IO) in taking the probe forward and their statement would be recorded under the Prevention of Act (PMLA).

The Kochhars were supposed to depose before the agency early this month but they had then sought an extension of time and were allowed, they said.

Chanda Kochhar's (Deepak's brother) has also been grilled by the ED multiple times in the case a few days ago here.

has been questioned by the in the same case in the past as well.

He is the founder of Singapore-based and was questioned about the role of his company in the restructuring of the loan by the CBI, the sources said.

was asked by the sleuths about the help he had extended to Videocon in relation to the loan from ICICI Bank, which was part of a Rs 400-billion credit given by a consortium of 20 banks to the group of main promoter,

The Kochhar couple have been questioned in the past too at the ED zonal office in after the central agency conducted raids in this case on March 1.

The searches were conducted at the premises of Chanda Kochhar, her family and of in Maharashtra's and

The ED has registered a criminal case under the PMLA early this year against Chanda Kochhar, Deepak Kochhar, and others to probe alleged irregularities and corrupt practices in sanctioning of Rs 1,875-crore loans by to the group.

This ED action was based on a FIR.

The CBI has named all the three and Dhoot's companies -- (VIEL) and (VIL) -- in its case.

The CBI also named Supreme Energy, a company founded by Dhoot, and NuPower Renewables, a company controlled by Deepak Kochhar, in the FIR.

The CBI has slapped sections of the Indian Penal Code related to criminal conspiracy, cheating and provisions of the Prevention of Corruption Act on all the accused.

It alleged that Dhoot had invested in Deepak Kochhar's company Nupower through his firm in 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 alleged.

During its preliminary enquiry, the CBI found that six loans worth Rs 1,875 crore were sanctioned to the and companies associated with it between June, 2009 and October, 2011 in alleged violation of laid-down policies of ICICI Bank, which have now become part of the probe.

"Existing outstanding in the accounts of these private group companies were adjusted in Rupee Term Loan of Rs 1,730 crore sanctioned by ICICI Bank under refinance of domestic debt under consortium arrangement on April 26, 2012," a CBI had said.

The loans were declared non-performing assets in 2012, causing a loss of Rs 1,730 crore to the bank, it alleged.

The ED, the sources said, is also probing at least two other instances of loans given by ICICI Bank (during Chanda Kochhar's tenure) to Gujarat-based firm and to

Chanda and are also expected to be asked questions about these loans as it is expected that their questioning may continue on Tuesday, they said.

The agency is investigating these two instances of under PMLA.

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

First Published: Mon, May 13 2019. 14:36 IST
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