New Delhi: Former ICICI Bank CEO and Managing Director Chanda Kochhar and her husband Deepak Kochhar deposed before the Enforcement Directorate on Wednesday for the third consecutive day for questioning in connection with the Rs 1,875-crore Videocon loan case.
The Kochhars arrived at the ED headquarters in south Delhi’s Khan Market area around 2.20pm. They were also asked to bring some documents.
The financial probe agency had questioned the Kochhars for 17 hours on Monday and Tuesday.
Agency officials asked the Kochhars about their business dealings with Videocon Chairman Venugopal Dhoot and the financial transactions that took place between them.
The case is related to the alleged irregularities and corrupt practices in the sanction of a Rs 1,875-crore loan disbursed by ICICI Bank to the Videocon Group during 2009 and 2011.
The ED got clues about an illegal transaction running into crores of rupees routed to NuPower, a company run by Deepak.
The Kochhars were questioned on many occasions last month in Mumbai. This was their first appearance before the ED in Delhi.
In March, the ED had conducted searches at the residence and office premises of the Kochhars and questioned them along with Dhoot.
Allegedly, Dhoot had invested in NuPower Renewables Ltd. through his firm Supreme Energy as quid pro quo for loans cleared by the ICICI Bank under Chanda Kochhar.
Of the Rs 40,000 crore loan to the Videocon group, Rs 3,250 crore was given by ICICI Bank. A large portion of the loan by ICICI was unpaid at the end of 2017.
The bank proceeded to declare the Rs 2,810 crore of unpaid loan as non-performing asset (NPA).
Meanwhile, Chanda brother-in-law Rajiv Kochhar moved a Delhi court seeking cancellation of a look out circular (LOC) against him in an alleged bank loan fraud and money laundering case. The court is likely to hear the application on Thursday.
Rajiv has been questioned by the ED, which is probing the case under the Prevention of Money Laundering Act (PMLA). Rajiv has been questioned by the CBI as well in the same case in the past.
He is the founder of Singapore-based Avista Advisory.
(With inputs from PTI)
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