Was unaware of husband’s dealings with Videocon group: Chanda Kochhar to ED

Former CEO and MD of ICICI Bank, Chanda Kochhar told the Enforcement Directorate (ED) that she was not aware of her husband Deepak Kochhar’s business dealings with Videocon Group MD Venugopal Dhoot.

Chanda Kochhar informed the ED that she was unaware when six high-value loans worth Rs 1,875 crore were approved by the private lender to her husband and Dhoot.

According to a report by ToI, Chanda mentioned that the loan worth Rs 64 crore was given by Videocon group to Deepak Kochhar’s companyNuPower Renewables a day after Rs 300 crore loan was disbursed to Videocon group company by the bank.

The high profile banker further stated that she “didn’t discuss her bank related work with her husband or vice-versa, hence there was no question of taking any favor in lieu of the bank loan.”

The Central Bureau of Investigation (CBI) has alleged that Rs 64 crore loan was used as a kickback to the Kochhar’s.

ED has reportedly also found that Venugopal Dhoot had made payment to Deepak Kochhar’s company via Mauritius.

A letter rogatory or letter of request has been sent to a tax haven to sought payment details.

Meanwhile, on February 22, the CBI had issued lookout circulars (LOCs) against Chanda, her husband Deepak Kochhar and Venugopal Dhoot.

“The LOCs were issued after the FIR was filed in the case. LOCs are mandatory in cases where such economic offences are alleged,” the official said.

“In recent times, keeping an eye on travel plans is a top concern for regulators,” the official added.

Last month, ED had registered a criminal case against the Kochhars, Dhoot, and others to investigate alleged irregularities in sanctioning of Rs 3,250 crore loan by the private lender to the corporate group.