Videocon case: CBI continues to probe ICICI Bank MD Chanda Kochhar's brother-in-law Rajiv Kochhar

NEW DELHI: The Central Bureau of Investigation (CBI) questioned Rajiv Kochhar, brother-in-law of ICICI Bank MD & CEO Chanda Kochhar for the second day on Friday. According to sources, the CBI has got evidence suggesting Rajiv was involved in restructuring the debt of the Videocon Group. 

Rajiv Kochhar was on Thursday stopped from flying from India to Singapore and detained by immigration authorities after he crossed the boarding gate and was about to board the flight. Later, he was handed over to CBI officials and subsequently grilled by the agency till 9 pm. On Friday, he was again called for questioning in CBI’s Mumbai office.

“We have found evidence showing how he was involved in restructuring of the loan. We are also trying to find out his involvement in facilitating the loan given by ICICI Bank to the Videocon group,” said a CBI official.

The CBI is conducting a PE based on a whistleblower’s complaint about alleged quid-pro-quo in a loan extended by ICICI Bank to the Videocon Group in 2012. The deal recently made news after reports questioned the loan and linked it to a possible quid pro quo that Dhoot allegedly had with NuPower Renewables, a company founded by Deepak Kochchar, Chanda Kochar's husband and Rajiv Kochar's brother.

The development comes amid reports that the RBI is delaying bonus payouts to a few top bankers, including Chanda Kochhar, citing performance issues. Meanwhile, media reports suggesting that the authorities have issued a look out circular to all airports against Chanda Kochhar, her husband Deepak Kochhar and Videocon Group promoter Venugopal Dhoot were denied by the CBI. 

Last week, the ICICI Bank board came out in support of Chanda Kochhar, saying it had full faith and confidence in her.

It described reports against her regarding credit disbursement to Videocon Group as "malicious and unfounded rumours".

The board also reviewed the bank's internal processes for credit approval and found them robust, the private sector lender had said in a statement.

With regard to loans to Videocon Group, it said the bank's current exposure was part of a syndicated consortium arrangement.

"ICICI Bank was not the lead bank for this consortium and the bank only sanctioned its share of facilities aggregating approximately Rs 3,250 crore which was less than 10 per cent of the total consortium facility in April 2012," it added.

The bank had clarified that none of the investors of NuPower Renewables were borrowers of ICICI Bank

(With inputs from PTI)