The Central Bureau of Investigation is set to question ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar in connection with the Videocon loan case in Delhi, sources say. When the interrogation takes place, Deepak Kochhar will go first. He is the co-founder and CEO of NuPower Renewables, a firm originally founded as a 50-50 joint venture between the family of Videocon Industries Limited chief Venugopal Dhoot and the Advani family (Chanda Kochhar's brother, Mahesh Advani).
Around that time, Chanda Kochhar was the CFO and Joint MD at ICICI Bank. Central investigators swung into action this week when an ICICI shareholder, Arvind Gupta, accused the Kochhars of amassing 'wrongful personal gains,' after the private lender allegedly sanctioned loans worth Rs 3,250 crore to private firms owned by Videocon Industries Limited.
But Dhoot has denied any dealings with Deepak Kochhar, beyond investing Rs 2.5 lakh in Deepak's renewable energy business. He termed reports of subsequent events, including loaning Rs 64 crore to Nupower Renewables through one of his companies, or subsequent transactions which resulted in Deepak Kochhar gaining full ownership of the company, as baseless.
These reports have led to allegations of possible conflict of interest and quid pro quo against Chanda Kochhar. "Our transaction is very clear and I have not done anything wrong, and will not do anything wrong...We have not invested any money in any company floated by Deepak Kochhar...We invested Rs 2.5 lakh, pulled it out and now there is no relation between us," Dhoot said.