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Videocon loan case: ED summons Chanda Kochhar on June 10

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Chanda Kochhar. (File Photo: IANS) by .
Chanda Kochhar.

The Enforcement Directorate (ED) summoned former ICICI bank Managing Director and CEO on June 10 in connection with the Rs 1,875 crore Videocon loan case, a official said…reports Asian Lite News

Chanda Kochhar. (File Photo: IANS) by .
Chanda Kochhar.

The senior ED official told IANS that Kochhar has been summoned to appear before the agency’s Jamnagar office in central Delhi on June 10 at 10.30 a.m.

The financial probe agency had questioned yje Kochhars in the national capital last month for five times.

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 between 2009 and 2011.

The ED alleges that while heading ICICI Bank, Chanda Kochhar illegally routed crores of rupees to NuPower Renewables Ltd, a company run by her husband.

In March, the ED had searched the residence and office premises of Kochhars and also questioned them along with Videocon Chairman Venugopal Dhoot.

Dhoot allegedly invested in NuPower Renewables Ltd through his firm Supreme Energy as quid pro quo for the loans cleared by the ICICI Bank.

A large portion of the Rs 40,000 crore loan to the Videocon group remained unpaid at the end of 2017, and the bank proceeded to declare Rs 2,810 crore of this loan as non-performing asset (NPA).