Chanda Kochhar skips Enforcement Directorate date; to be summoned again
India | June 10, 2019 13:54 ISTChanda Kochhar will now be asked to depose later this week. She had not appeared before the agency even last week citing health reasons.
Chanda Kochhar will now be asked to depose later this week. She had not appeared before the agency even last week citing health reasons.
The senior ED official told that Kochhar has been summoned to appear before the agency's Jamnagar office in central Delhi on June 10 at 10.30 a.m.
Former ICICI Bank CEO and Managing Director Chanda Kochhar and her husband Deepak Kochhar have failed to provide satisfactory answers to about 20 out of over 100 key questions posed to them by Enforcement Directorate sleuths during over 60 hours of questioning in five days starting May 13, according to sources in the investigating agency.
Three of the Kochhars were also directors on the company's board in 1995, when it was founded, though it's not clear if Videocon held a stake in the company at that time.
Former ICICI Bank CEO Chanda Kochhar's brother-in-law Rajiv Kochhar, Wednesday moved a Delhi court seeking cancellation of look out circular (LOC) against him in an alleged bank loan fraud and money laundering case.
It is said that if you dress cronyism as a favour, then you wind up on skid row. Equally, sorrows dont come individually but in battalions. The tale of Chanda Kochhar and her husband Deepak intertwining their fate and destiny with Videocons Venugopal Dhoot leaves behind in its wake a smoking gun which refuses to go away from the scene of the crime.
Slam dunk and an airtight case where the investigators have probable cause and clear collusion between Videocon's Dhoot and Kochhars.
In Brothers Kochhars case, the missing link is Sharad Mhatre. In hot pursuit of the paper trail of family enterprise, IANS has now found that two investment companies, Elegant Investrade Pvt Ltd and Daisy Finvest, were used by the Kochhars to further their business interests. Elegant was incorporated on January 29, 1997 by Ms Savita Naik and Mr Sidharth Jadhav for Rs 20.
The trace-back begins with Modern Fashions, which was one of the principal shareholders in the two Kochhar Brothers Credential twins, along with ABS Components Pvt Ltd and KG Computers Pvt Ltd which were the other two.
They have been questioned in the past too at the agency's office in Mumbai after the central agency conducted raids in this case on March 1.
The first Credential Finance Ltd (CFL) was birthed on January 23, 1985 as Bloomfield Builders & Construction at Mumbai RoC (Registrar of Companies) with registration No. 035149. By 1994, it fell into the hands of the Kochhars, who renamed it Credential Finance Ltd.
Pacific Capital Services Pvt Ltd is under inspection and a separate report is ready for submission by government agencies.
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 had registered a case of money laundering in February on the basis of a CBI FIR. In January, the CBI had raided four locations in Mumbai related to the case.
The agency, in a statement, said it is "conducting searches under PMLA at the premises of Chanda Kochhar, former chairman ICICI Bank, and Venugopal Dhoot of Videocon Group in Mumbai and Aurangabad respectively."
The Central Bureau of Investigation (CBI) sources said the agency would initiate the summons as it had completed the scrutiny of documents it had seized during the January 24 raids carried out at four locations in Maharashtra.
Apart from the bonus received by Kochhar as the bank's executive head since 2009, she will also have to forgo her unexercised stocks options.
The enquiry report submitted by Justice (Retd) B N Srikrishna Wednesday concluded that there was lack of diligence with respect to annual disclosures and violation of code of conduct, on her part.
Advised by union minister Arun Jaitley to avoid "adventurism", the CBI will start calling suspects in the ICICI Bank case involving its former CEO Chanda Kochhar for questioning after completing scrutiny of documents seized during searches last week, officials said on Monday.
An agency source said that Mishra, a Superintendent of Police in Central Bureau of Investigation (CBI) and was part of the Banking and Securities Fraud Cell (BSFC), was transferred to the agency's Economic Offences wing on January 23.
Live Scorecard
Top News
Latest News
