The Ministry of Corporate Affairs has asked the Serious Fraud Investigation Office (SFIO) to initiate a probe into the dealings between NuPower Renewables, a company owned by former ICICI Bank chief executive and managing director Chanda Kochhar's husband Deepak Kochhar, and Venugopal Dhoot's Videocon Industries.
As per the allegations, Videocon Industries gave crores of rupees to Deepak's firm, barely six months after his company got Rs 3,250 crore worth of loan from ICICI Bank in 2012.
As part of the probe, the SFIO could soon summon Chanda, Deepak and Dhoot for recording their statements.
Notably, the ED is also investigating the allegations of money laundering in the case. All three of them have appeared several times before the agency. The ED has also grilled Chanda Kochhar's brother-in-law Rajiv Kochhar multiple times in the case.
The ED registered a criminal case under the PMLA earlier this year to probe alleged irregularities and corrupt practices in sanctioning loans by ICICI Bank to the corporate group.
It has been alleged that Dhoot invested in NuPower through his firm Supreme Energy in a quid pro quo to loans cleared by ICICI Bank after Chanda Kochhar took over as the bank's CEO on May 1, 2009. The ownership of Nupower and Supreme Energy allegedly changed hands through a complex web of shared transactions between Deepak Kochhar and Dhoot.
Edited by Manoj Sharma