The Enforcement Directorate (ED) on Friday carried out raids in homes and offices of Chanda Kochhar, former Chief Executive Officer (CEO) and Managing Director of ICICI Bank, in the Videocon loan case. The search operation was launched early Friday morning. A team of sleuths, assisted by the police, carried out searches in at least five offices and residential premises in Mumbai and other locations.
The Central Bureau of Investigation (CBI) had already issued a look-out circular against Kochhar, her husband Deepak Kochhar and Videocon Managing Director Venugopal Dhoot in the ICICI Bank-Videocon corruption case. The circulars was revived on February 22, along with a Lookout circular (LOC), for the first time against Chanda Kochhar.
On December 8, 2017, the CBI had initiated a preliminary inquiry on the allegations that ICICI Bank sanctioned loan of Rs 3,250 crore to various companies of Videocon Group owned by Venugopal Dhoot. It was alleged that as part of quid-pro-quo, Dhoot invested over Rs 64 crore to the companies associated with Deepak Kochchar, husband of Chanda Kochhar, said an officer.
The ED's PMLA case was filed after taking cognisance of a CBI complaint lodged in the matter last month. The CBI named Chanda Kochhar, Deepak Kochhar, and Dhoot and his companies -- Videocon International Electronics Ltd (VIEL) and Videocon Industries Limited (VIL). The central probe agency also named Supreme Energy, a company founded by Dhoot, and Nupower Renewables, a company controlled by Deepak Kochhar, in the FIR. It is alleged that Dhoot had invested in Deepak Kochhar's company Nupower through his firm Supreme Energy a quid pro quo to loans cleared by ICICI Bank after Chanda Kochhar took over as the CEO of the bank on May 1, 2009. The ownership of Nupower and Supreme Energy changed hands through a complex web of shared transactions between Deepak Kochhar and Dhoot, the CBI alleged.