Economy

ICICI chief's brother-in-law stopped at Mumbai airport, CBI continues quizzing

ICICI chief's brother-in-law stopped at Mumbai airport, CBI continues quizzing

Meanwhile, Rajiv Kochhar was questioned for the third consecutive day in connection with the case.

The agency had registered a preliminary inquiry against Chanda Kochhar's husband Deepak Kochhar, Videocon Group officials and others to determine any wrongdoing or otherwise in the sanction of loan to the Group by the ICICI Bank as part of the consortium of banks in 2012.

A CNBC-TV18 report says a lookout notice has been issued against Videocon promoter Venugopal Dhoot and Deepak Kochhar, husband of ICICI Bank chief Chanda Kochhar and promoter of NuPower.

He was detained at the Mumbai airport on Thursday, as he was trying to board a flight for a South East Asian country, on the basis of a look out circular issued by the CBI, they said.

More news: Pregnant Woman Shot in the Head, Baby Delivered Safely

Videocon promoter Venugopal Dhoot formed a joint venture with Deepak Kochhar, loaned him Rs 64 crore before he transferred ownership of the lending entity to him for just Rs 9 lakh.

Nevertheless, the board extended its full support and gave a clean chit to its MD and CEO Chanda Kochhar.

Sources said Kochhar was questioned on his firm Avista Advisory. Later, he was handed over to a CBI team which brought him to its Bandra office for questioning him in connection with its preliminary enquiry against his brother Deepak Kochhar and Videocon Chairman Venugopal Dhoot.

According to sources, Rajiv told the officials that he was heading to his office in Singapore and it was legitimate business. "In the past few days, the social media has been abuzz with 'rumours" of the alleged involvement of a high-ranking executive of a private bank who had approved loans for debt-ridden Videocon Group. The bank had clarified that none of the investors of NuPower Renewables were borrowers of ICICI Bank. This transfer happened six months after the Videocon Group got a loan from ICICI Bank. "The board of ICICI Bank today reviewed the internal processes of bank and also details of the exposure to the Videocon Group. the board has noted that the bank has a standardized credit approval process where multiple departments are involved in providing credit risk rating, doing credit appraisals, credit approvals and monitoring the proposals".


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