The Enforcement Directorate (ED) has issued fresh summons this week against former CEO of ICICI Bank Chanda Kochhar, husband Deepak Kochhar and her brother-in-law Rajiv Kochhar to appear for questioning in a money laundering case.
The agency is probing whether a part of the ₹300 crore loan that she allegedly received as illegal gratification was laundered.
ED is probing a case of money laundering based on a Central Bureau of Investigation (CBI) case. The CBI case is probing alleged irregularities and corrupt practices in sanctioning of ₹1875 crore of loan to Videocon International Electronics Ltd by ICICI Bank in 2012.
Of this, a term loan of ₹300 crore was allegedly a part of quid pro quo for the business group’s dealings with her husband. Chanda Kochhar is alleged to have misused her office and received illegal gratification through her husband from Dhoot for this ₹300 crore loan.
While ED has summoned the Kochhar brothers on 30 April, Chanda Kochhar has been summoned on 5 May, said an official with the investigative agency.
The ED on 1 March had conducted series of searches at the residence and office premises of Kochhars as part of its investigations.
“The ED has called them with their bank account details and statements to verify the trail of money,” said the official.
It is alleged that Videocon group’s promoter Venugopal Dhoot had invested in the Deepak Kochhar company, NuPower Renewables Ltd through his firm Supreme Energy. This transaction was alleged quid-pro-quo for loans cleared by the ICICI Bank and Chanda Kochhar was part of the credit committee of banks which sanctioned ₹40,000 crore loan to the Videocon group. Out of this ₹3250 crore was given by ICICI Bank. A large portion of the loan by ICICI Bank to Videocon group was unpaid at the end of 2017. The bank then proceeded to declare the ₹2810 crore of unpaid loan as Non Performing Asset.