The Enforcement Directorate investigating links between former ICICI Bank managing director and chief executive officer Chanda Kochhar and the Videocon Group, has expanded its probe into a total of 24 loans aggregating Rs 7,862 crore that, it believes, were loaned \u201cillegally and criminally\u201d by the bank to the conglomerate when she was in charge between 2009 and 2018.<\/p>\n\n\n\n
Both ED and the Central Bureau of \nInvestigation which started looking at quid-pro-quos between Videocon \nGroup chief Venugopal Dhoot and Kochhar after it emerged that the \nbusinessman was an investor in Kochhar\u2019s husband, Deepak Kochhar\u2019s \ncompany, were initially focusing on six high-value loans worth Rs 1,875 \ncrore given by the bank to Videocon Group companies between 2009 and \n2011, as alleged in the CBI FIR.<\/p>\n\n\n\n
According to an internal \ninvestigation report of ED, exclusively reviewed by HT, the total loans \nfresh loans or renewal of loans, guarantees worth Rs7,862.20 crore were \nsanctioned by the private bank to Videocon Group companies between May \n2009 and June 2017.<\/p>\n\n\n\n
Some of these loans were as high as Rs 2,870 \ncrore the most recent was on June 28, 2017 .Other big loans now being \ninvestigated by ED include a Rs 536 crore loan to VIL on September 15, \n2016; a Rs 881.4 crore loan, also to VIL, on October 31, 2011; Rs 236 \ncrore to VIL on December 23, 2015; and Rs 180 crore to Videocon \nHydrocarbons Holdings Ltd on September 30, 2014.<\/p>\n\n\n\n
CBI and ED both \nallege that the payment of Rs 64 crore into a Deepak Kochhar company, \nNuPower Renewables, in 2009 was a quid pro quo from Dhoot for a loan to \nVIL.ED also suspects that considering the long association between the \nVideocon Group and the Kochhars, and with both ICICI Bank and Videocon \nhaving operations in India and abroad, there is a \u201cpossibility of \ngeneration and infusion of proceeds of crimes further in the case\u201d, \naccording to the agency\u2019s internal investigation report.<\/p>\n\n\n\n
Asserting\n that it needs to further probe money laundering in the matter since the\n loan amount sanctioned \u201cillegally and criminally by the ICICI Bank\u201d is \nmore than Rs 7,000 crore, the report adds that \u201cit appears that more \nsuspected payments may be unearthed in the thorough probe\u201d.
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The Enforcement Directorate investigating links between former ICICI Bank managing director and chief executive officer Chanda Kochhar and the Videocon Group, has expanded its probe into a total of 24 loans aggregating Rs 7,862 crore that, it believes, were loaned \u201cillegally and criminally\u201d by the bank to the conglomerate when she was in charge between […]<\/p>\n","protected":false},"author":1,"featured_media":61475,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[410],"tags":[],"class_list":["post-61474","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/61474","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/comments?post=61474"}],"version-history":[{"count":1,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/61474\/revisions"}],"predecessor-version":[{"id":61476,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/61474\/revisions\/61476"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media\/61475"}],"wp:attachment":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media?parent=61474"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/categories?post=61474"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/tags?post=61474"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}