The story so far…
Recapitulate timeline. Former ICICI Bank CEO and MD Chanda Kochhar
The Central Bureau of Investigation (CBI) has issued lookout circulars (LOC) against former ICICI Bank CEO and MD Chanda Kochhar, her husband Deepak Kochhar, and Videocon Group’s Venugopal Dhoot.
Earlier, LOCs were issued against Mr Kochhar and Mr Venugopal Dhoot for all airports in 2018. For the first time in her life, an LOC has been issued against Mrs Kochhar.
LOCs are filed after the FIR and are mandatory in cases where such economic offences are alleged. In recent times, keeping an eye on travel plans is a top priority for investgators and regulators. Issuance of an LOC is a routine process. It is done in cases of economic offences so that a tab was kept on the movement of the suspects and their travel plans at the immigration desks at the international airports
Earlier, the ED had registered a criminal case for alleged money laundering against Mr and Mrs Kochhar, Venugopal Dhoot, and others to find alleged irregularities and corrupt practices in sanctioning a Rs 1,875-crore loan by the bank to the corporate group.
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The CBI had filed an Enforcement Case Information Report (ECIR) under the Prevention of Money Laundering Act, taking cognizance of a CBI complaint filed on the matter last month.
The agency would probe if alleged kickbacks generated in the loan deal were laundered to create tainted assets.
The ED is soon expected to summon the accused named in the ECIR. The list of accused in the ED case is the same as that of the CBI. The CBI had completed the scrutiny of documents it had seized during the January 24 raids carried out at four locations in Maharashtra.
The CBI and the ED are likely to question Chanda Kochhar, her husband Deepak Kochhar and industrialist VN Dhoot in connection with the Rs 3,250-crore loan case involving the Videocon Group and ICICI Bank. the agency will first call Deepak Kochhar and Dhoot for questioning as they were the beneficiaries of the loans disbursed by ICICI. They are collecting the list of assets owned by the Kochhars and Dhoot in India and abroad.
Dhoot allegedly invested Rs 64 crore in NuPower Renewables Pvt Ltd run by Deepak Kochhar.