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Chanda Kochhar appears before ED for questioning: Here is what we know so far

The case is related to the alleged irregularities and corrupt practices in the sanction of a Rs 1,875 crore loan disbursed by ICICI Bank to the Videocon Group during 2009 and 2011.

India TV News Desk India TV News Desk
New Delhi Updated on: May 13, 2019 11:31 IST
Representative News Image
Image Source : ANI

Chanda Kochhar

In connection with the Videocon loan case, former ICICI Bank chief Chanda Kochhar on Monday appeared before the Enforcement Directorate (ED) for questioning. She arrived at the ED office here at 10.35 a.m.

Here is what we know so far:

  • Last week, the financial probe agency summoned Kochhar to record her statement.
  • She failed before ED to appear on May 5
  • The case is related to the alleged irregularities and corrupt practices in the sanction of a Rs 1,875 crore loan disbursed by ICICI Bank to the Videocon Group during 2009 and 2011.
  • The ED got clues about an illegal transaction running to crores of rupees routed to NuPower.
  • In March, the ED had conducted a series of searches at the residence and office premises of the Kochhars as part of its investigations and also questioned Chanda and her husband Deepak Kochhar along with Videocon Group promoter Venugopal Dhoot.
  • Allegedly, Dhoot had invested in the Deepak Kochhar company, NuPower Renewables Ltd through his firm Supreme Energy as quid-pro-quo for loans cleared by the ICICI Bank under Chanda Kochhar.
  • Out of the Rs 40,000 crore loan to the Videocon group, Rs 3,250 crore was given by ICICI Bank and a large portion of the loan by ICICI was unpaid at the end of 2017.
  • The bank proceeded to declare the Rs 2,810 crore of unpaid loan as non-performing asset.

(With IANS)

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