Chanda Kochhar quit as CEO and managing director of the ICICI Bank in October.
The CBI has filed a case against former ICICI bank chief Chanda Kochhar and her husband Deepak Kocchar in connection with a case linked to alleged conflict of interest in the sanctioning of loan. A case has also been filed against Videocon head Venugopal Dhoot. This morning, a team of CBI officials conducted raids at the Videocon headquarters in Mumbai and other cities in Maharashtra.
Chanda Kochhar quit as CEO and managing director of the ICICI Bank in October after allegations surfaced that her husband Deepak Kochhar and her family members benefited from a loan of Rs. 3,250 crore to the Videocon Group in 2012.
Videocon's Venugopal Dhoot had an investment in NuPower Renewables, a company founded by Ms Kochhar's husband.
After initially backing her, ICICI Bank announced that its board had decided to set up a "comprehensive enquiry" to investigate the charges against Ms Kochhar. As more allegations surfaced, a multi-agency probe was launched.
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The CBI had searched Videocon headquarters in Mumbai and Aurangabad in Maharashtra on Thursday.
Just In: CBI has filed a case against Chanda Kochhar
ICICI Bank shares fell as much as 1.5 per cent to hit an intraday low of Rs 366.20 apiece on the NSE on Thursday. Shares in Videocon Industries, on the other hand, jumped about 3.5 per cent to Rs 3.00 during the session.
At 2:00 pm, ICICI Bank shares traded 0.3 per cent lower while Videocon Industries was up 1.7 per cent.
The raids comes in the wake of a preliminary enquiry the agency registered on March 31, 2018 against Deepak Kochhar, Videocon group officials and others to determine whether any wrongdoing was involved in the sanctioning of the loan by the ICICI Bank as part of a consortium, a senior CBI official said.
The investigating agency conducted raids at four places. While the Videocon offices were raided in Mumbai and Aurangabad, the searches were also conducted at NuPower offices in BKC and Nariman Point.
Chanda Kochhar quit as CEO and managing director of the ICICI Bank in October after allegations surfaced that her husband Deepak Kochhar and her family members benefited from a loan of Rs. 3,250 crore to the Videocon Group in 2012.
The investigating agency is searching the Videocon headquarters in Mumbai and other cities in Maharashtra.
The CBI has filed a case against former ICICI bank chief Chanda Kochhar's husband Deepak Kocchar and Videocon head Venugopal Dhoot in a case linked to alleged conflict of interest in the sanctioning of loan.