The Enforcement Directorate (ED) has reportedly widened its probe into a total of 24 loans aggregating Rs 7,862 crore that ICICI Bank-led consortium issued to Videocon Group when Chanda Kochhar was managing director and chief executive officer, a media report said.
According to Hindustan Times, the ED believes that the loans were issued “illegally and criminally” to Venugopal Dhoot-led Videocon Group. The newspaper, citing an internal investigation report of ED, said that loans were sanctioned by ICICI Bank to Videocon Group companies between May 2009 and June 2017.
Chanda Kochhar and her husband Deepak have been summoned by the ED for questioning on Friday in connection with the loan case.
On Thursday, ED questioned Chanda and her husband for the fourth consecutive day, for about 9 hours.
The ED recorded statements of the duo in connection with the investigation into alleged irregularities and corrupt practices in the sanction of Rs 1,875 crore loan disbursed by ICICI Bank to Videocon Group in 2009 and 2011.
On Thursday, a Delhi court allowed Chanda’s brother-in-law Rajiv Kochhar, a suspect in the bank loan fraud and money laundering case, to travel abroad for 10 days.
Special Judge Anju Bajaj Chandna allowed Rajiv to travel to New York on a personal bond of Rs 10 lakh and directed the ED to suspend the lookout circular (LOC) till then.
The court kept his application, seeking cancellation of LOC, for hearing on 3 June after ED’s special public prosecutor Nitesh Rana said the agency needed time to file a detailed reply on the issue.
Rajiv, a founder of Singapore-based Avista Advisory, informed the court that the CBI has already cancelled the LOC issued against him. He told the court that he has cooperated in the probe and further undertakes to assist the agency in future as and when required.
On Tuesday, Chanda and Deepak were grilled were over eight hours by the ED.
ED registered a criminal case under the PMLA early this year against Chanda, Deepak, Videocon promoter Venugopal Dhoot and others to probe alleged irregularities and corrupt practices in sanctioning Rs 1,875-crore loans by ICICI Bank to Videocon. The action was based on an FIR registered by the CBI.