ED summons Kochhar, Dhoot for questioning in ICICI-Videocon loan case

Mumbai: The Enforcement Directorate (ED) has summoned former ICICI Bank Managing Director and Chief Executive Officer Chanda Kochhar along with the Videocon Group chief Venugopal Dhoot on Saturday for questioning in connection with a loan case.

On Friday, Enforcement Directorate searched the homes and offices of Chanda Kochhar and Venugopal Dhoot in connection with the case. The case is related to a loan given by ICICI Bank to Videocon when Chanda Kochhar was CEO and MD of ICICI Bank and the business ties between Venugopal Dhoot and her husband.

Chanda Kochhar was sacked as CEO and MD of ICICI Bank nearly four months after her resignation from the key posts. Look-out circulars are notices sent to transit points like airports to restrict the movement of people under investigation by probe agencies.

Months after Videocon group was granted a loan by ICICI Bank, Mr Dhoot allegedly invested crores of rupees in NuPower Renewables, a company founded by Ms Kochhar’s husband.

On February 22, a look-out circular against Ms Kochhar had been issued by the Central Bureau of Investigation and has revived ones against her husband Deepak Kochhar and Mr Dhoot.

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

The ED had registered a criminal case last month against Kochhar, her husband, Deepak Kochhar, Venugopal Dhoot and others to probe alleged irregularities and corrupt practices in sanctioning of an Rs 3,250-crore loan by the bank to the corporate group.

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