ICICI Bank-Videocon Loan Case: ED searches premises of Chanda Kochar, Venugopal Dhoot
New Delhi: The Enforcement Directorate (ED) has begun conducting a search on premises of Chanda Kochhar, former chief executive officer and managing director of ICICI Bank, and Videocon group Chief Venugopal Dhoot in connection with the ICICI Bank-Videocon loan case.
The ED officials informed that the raids are being carried out in at least five office and residential premises in Mumbai and a few other locations.
The ED’s PMLA case was filed after taking cognizance of a Central Bureau of Investigation (CBI) complaint lodged in the matter last month.
The agency had registered a criminal case under the Prevention of Money Laundering Act (PMLA) earlier this month against Kochhar, her husband Deepak Kochhar, Dhoot and others to probe alleged irregularities and corrupt practices in sanctioning of Rs 1,875-crore loans by the ICICI bank to the corporate group.
According to the CBI, six high-value loans were sanctioned to various companies under the Videocon Group from June 2009 to October 2011 in alleged violation of the guidelines.
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.