Loan Irregularity Case: ED Questions Chanda Kochhar, Nishant Kanodia

New Delhi: The Enforcement Directorate (ED) on Sunday questioned former ICICI Bank Chief Executive Officer and Managing Director Chanda Kochhar for the third time in connection with the alleged irregularities in granting of loans by the bank during her tenure.

Nishant Kanodia, Chairman of Math Fertilizers and Chemicals Ltd. and son-in-law of Essar Group Vice Chairman Ravi Ruia, was also questioned by the ED for the first time in connection with the case.

“Inquiries so far indicate that, in 2010, when Chanda Kochhar was with the bank, loans amounting to $520 million were released to one of Essar’s companies based in the U.S. Shortly thereafter, a sum of Rs. 2325 crore was paid to NuPower Renewables Private Limited, owned by Chanda Kochhar’s husband, by Firstland Holdings Limited, a Mauritius-based company owned by Mt Kanodia,” a senior ED officer said.

The Enforcement Directorate has also named Videocon India Limited (VIL) Chairman Venugopal Dhoot as an accused in the case, apart from Chanda Kochhar’s husband Deepak Kochhar. On Saturday, the Kochhars and Dhoot were quizzed for several hours by the ED in connection with the money laundering case.

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