Kochhar, Ruia kin quizzed in money laundering case
TNN | Updated: Mar 4, 2019, 02:58 IST
Chanda Kochhar arrives at the ED officeMUMBAI: Expanding its scope of investigation beyond Videocon Industries, the Enforcement Directorate (ED) questioned ICICI Bank’s former CEO Chanda Kochhar and Nishant Kanodia of the Mauritius-based Matix group for 10 hours on Sunday in a money laundering case.
Kanodia is son-in-law of Essar Group chairman Ravi Ruia and owns Firstland Holdings, which had invested funds in NuPower Renewables, a company run by Kochhar’s husband Deepak Kochhar. ED will continue their questioning on Monday.
Investigating agencies allege that ICICI Bank had sanctioned loans to an Essar group company around 2010-11 in a quid pro quo when Kanodia, through his Mauritius-based firm, invested around Rs 300 crore in NuPower, promoted by Deepak Kochhar.
ED’s line of inquiry concerns the reasons and terms for Kanodia’s investment in Deepak Kochhar’s firm and its links to ICICI Bank, which was lead banker in a consortium that sanctioned a $580mn loan to Essar Steel Minnesota. Chanda Kochhar was bank CEO then and the loan was subsequently declared an NPA. Essar Group is currently in the process of repaying it, according to reports.
ED has filed a case under Prevention of Money Laundering Act based on a CBI complaint. ED is also probing an earlier Rs 3,250 crore loan from ICICI Bank to Videocon. Kochhar headed the credit committee which sanctioned the loan and the allegation is a day later, Videocon chairman Venugopal Dhoot invested Rs 64 crore in NuPower Renewables through his group companies.
ED is probing the money trail in both instances. The agency is also examining a few other loans sanctioned by ICICI Bank during Chanda Kochhar’s tenure. Her brother-in-law Rajiv Kochhar, a financial advisor, has reportedly helped with restructuring of debt for some of the recipients, sources added.
On Friday, ED officials had searched the residences of the Kochhars and Dhoot and premises of other accused in the case. The ED team landed at the Kochhars’ house in CCI Chambers in Churchgate at 10 am on Friday and continued the search till 4 am next day.
ED officials questioned Deepak Kochhar, Videocon chairman Venugopal Dhoot and their associate Mahesh Pugulia on Friday and Saturday before calling in Chanda Kochhar for a detailed statement on Sunday at their regional headquarter in Ballard Pier.
Kanodia is son-in-law of Essar Group chairman Ravi Ruia and owns Firstland Holdings, which had invested funds in NuPower Renewables, a company run by Kochhar’s husband Deepak Kochhar. ED will continue their questioning on Monday.
Investigating agencies allege that ICICI Bank had sanctioned loans to an Essar group company around 2010-11 in a quid pro quo when Kanodia, through his Mauritius-based firm, invested around Rs 300 crore in NuPower, promoted by Deepak Kochhar.
ED’s line of inquiry concerns the reasons and terms for Kanodia’s investment in Deepak Kochhar’s firm and its links to ICICI Bank, which was lead banker in a consortium that sanctioned a $580mn loan to Essar Steel Minnesota. Chanda Kochhar was bank CEO then and the loan was subsequently declared an NPA. Essar Group is currently in the process of repaying it, according to reports.
ED has filed a case under Prevention of Money Laundering Act based on a CBI complaint. ED is also probing an earlier Rs 3,250 crore loan from ICICI Bank to Videocon. Kochhar headed the credit committee which sanctioned the loan and the allegation is a day later, Videocon chairman Venugopal Dhoot invested Rs 64 crore in NuPower Renewables through his group companies.
ED is probing the money trail in both instances. The agency is also examining a few other loans sanctioned by ICICI Bank during Chanda Kochhar’s tenure. Her brother-in-law Rajiv Kochhar, a financial advisor, has reportedly helped with restructuring of debt for some of the recipients, sources added.
On Friday, ED officials had searched the residences of the Kochhars and Dhoot and premises of other accused in the case. The ED team landed at the Kochhars’ house in CCI Chambers in Churchgate at 10 am on Friday and continued the search till 4 am next day.
ED officials questioned Deepak Kochhar, Videocon chairman Venugopal Dhoot and their associate Mahesh Pugulia on Friday and Saturday before calling in Chanda Kochhar for a detailed statement on Sunday at their regional headquarter in Ballard Pier.
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