ICICI-Videocon case: Rajiv Kochhar, NuPower director grilled by CBI

NEW DELHI: The questioning of Rajiv Kochhar, ICICI Bank MD and CEO Chanda Kochhar's brother-in-law, by the CBI continued on the third consecutive day in connection with the banks Rs 3,250 crore loan to Videocon Group in 2012.

The CBI also questioned Mahesh Chandra Punglia who was closely associated with Videocon and used to offer consultancy services to Videocon. He was lated joined Deepak Kochhar, husband of Chanda Kochhar company NuPower Renewables Private limited as Director.

CBI is trying to figure out the role of Rajiv Kochhar who is the founder of Singapore-based Avista Advisory. His company was involved in the restructuring of the loan, a CBI official said.

Rajiv Kocchar, who was grilled on Thursday and Friday for over 14 hours, had been asked by the agency to remain present for questioning on Saturday at 11 am. He was asked about the help he extended to Videocon in relation to the loan from ICICI Bank, which was part of a Rs 400-billion credit given by a consortium of 20 banks to the group of Venugopal Dhoot.

“Punglia was one of the major link between two companies, Videocon and NuPower. He was appointed as director in Nupower after he resigned from Videocon,” a source said. According to the sources, Punglia transferred his stakes to a Trust run by Kochhar for a consideration of 9 lakh rupees.

Rajiv Kochhar was detained at the Mumbai airport on Thursday, as he was trying to board a flight to Singapore on the request of the CBI. 

The CBI has registered a preliminary enquiry against Videocon founder Venugopal Dhoot and Deepak Kochhar and unidentified others, they said.

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 Kochhar, Chanda Kochhar's husband and Rajiv Kochhar's brother.

A preliminary inquiry is the first step by the CBI to gather information about the allegations.

If the agency is convinced there exists prima facie material in the matter, it may register a regular case against the accused.

If the agency is convinced there exists prima facie material in the matter, it may register a regular case against the accused.

(With inputs from PTI)