Chanda Kochhar quizzed by ED for 2nd day
Vijay V Singh | TNN | Mar 5, 2019, 08:52 IST
Chanda KochharMUMBAI: The Enforcement Directorate (ED) continued its questioning of ICICI Bank's former CEO Chanda Kochhar and Nishant Kanodia, promoter of Mauritius-based Matix group, for the second day on Monday. Questioning was on till late evening when reports last came in.
ED officials began interrogating the two at 1 pm on Sunday. Kochhar was allowed to leave after 10 hours, but Kanodia was kept back till 6 am the next day. ED summoned the two again to the office around 1 pm on Monday.
Sources said Chanda Kochhar maintained ignorance about the financial affairs of her husband Deepak Kochhar's company NuPower Renewables. Kanodia also denied links between investments by his company Firstland Holdings in Nupower, and loans issued by ICICI Bank to the Essar group. Kanodia is son-in-law of Essar Group promoter Ravi Ruia.
Sources said ED is probing investments into Firstland Holdings, which were routed to NuPower. Kanodia has provided information on funds received by Firstland but the ED is not convinced by his explanation.
In 2010-11, ICICI Bank was lead banker in a consortium that sanctioned a $580mn loan to Essar Steel Minnesota. Kochhar, who was the bank CEO then, is alleged to have sanctioned the loan in a quid pro quo against investments of Rs 300 crore in NuPower through Kanodia's firm.
Sources said ED is likely to summon Essar's management.
ED has filed a case under the Money Laundering Act based on a CBI complaint against Chanda Kochhar and others, accusing them of a criminal conspiracy to cause losses to the bank. ED is also probing a Rs 3,250 crore loan from ICICI Bank to Videocon. Kochhar headed the panel which sanctioned the loan and the allegation is that a day later, Videocon chairman Venugopal Dhoot invested Rs 64 crore in NuPower through his group companies. ED has recorded statements of Videocon chief Venugopal Dhoot, Deepak Kochhar and their associate Mahesh Punglia.
ED officials began interrogating the two at 1 pm on Sunday. Kochhar was allowed to leave after 10 hours, but Kanodia was kept back till 6 am the next day. ED summoned the two again to the office around 1 pm on Monday.
Sources said Chanda Kochhar maintained ignorance about the financial affairs of her husband Deepak Kochhar's company NuPower Renewables. Kanodia also denied links between investments by his company Firstland Holdings in Nupower, and loans issued by ICICI Bank to the Essar group. Kanodia is son-in-law of Essar Group promoter Ravi Ruia.
Sources said ED is probing investments into Firstland Holdings, which were routed to NuPower. Kanodia has provided information on funds received by Firstland but the ED is not convinced by his explanation.
In 2010-11, ICICI Bank was lead banker in a consortium that sanctioned a $580mn loan to Essar Steel Minnesota. Kochhar, who was the bank CEO then, is alleged to have sanctioned the loan in a quid pro quo against investments of Rs 300 crore in NuPower through Kanodia's firm.
Sources said ED is likely to summon Essar's management.
ED has filed a case under the Money Laundering Act based on a CBI complaint against Chanda Kochhar and others, accusing them of a criminal conspiracy to cause losses to the bank. ED is also probing a Rs 3,250 crore loan from ICICI Bank to Videocon. Kochhar headed the panel which sanctioned the loan and the allegation is that a day later, Videocon chairman Venugopal Dhoot invested Rs 64 crore in NuPower through his group companies. ED has recorded statements of Videocon chief Venugopal Dhoot, Deepak Kochhar and their associate Mahesh Punglia.
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