Chanda Kochhar’s brother-in-law quizzed

The CBI on Thursday examined Rajiv Kochhar, brother-in-law of ICICI Bank MD and CEO Chanda Kochhar, in connection with the ongoing preliminary inquiry into the ₹3,250-crore loan extended to the Videocon group in 2012.

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“He is being questioned at the agency’s Mumbai office,” a CBI official said, refusing to give further details. However, it is learnt that Mr. Kochhar was on the way to board a flight abroad when he was told to appear before a CBI team.

The agency had earlier questioned some ICICI Bank nodal officers involved in the processing of loan. The CBI has named the Videocon group, Ms. Kochhar’s husband Deepak Kochhar, and unidentified others in the inquiry instituted over a month ago. It is to probe a possible link between the investments in Mr. Kochhar’s company NuPower Renewables and the loans given to the Videocon group.

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A complaint was made in 2016, following which the government had a discreet inquiry conducted into the charges. The findings were recently shared with various agencies, including the CBI, for further verification. The ICICI Bank’s board had come out in support of Ms. Kochhar, saying there was no conflict of interest on her part and she had made all disclosures to the board. The bank said the loans extended to the Videocon group were part of a syndicated consortium arrangement and it accounted for less than 10% of the total credit facility. The bank also said none of the investors in NuPower Renewables were borrowers of the ICICI Bank.