ICICI loan case: ED raids Chanda Kochar, Videocon chief Venugopal Dhoot's residence
ICICI loan case: ED raids Chanda Kochar, Videocon chief Venugopal Dhoot's residence
The Enforcement Directorate has conducted several raids at the location of former ICICI MD and chief executive Chanda Kochhar and Videocon chief Venugopal Dhoot in a loan case today.
The CBI had earlier issued a look-out circular against Kochhar and her husband Deepak Kochhar and Venugopal Dhoot. The case is related to a loan issued by the ICICI bank, which was then functioning under Chanda Kochhar, to Videocon and the business tie up between Venugopal Dhoot and Deepak.
The CBI had conducted raids earlier at the location of Nupower Renewables and Dhoot’s office, situated in Mumbai and Aurangabad.
In a statement last month, Chanda Kochhar had said, “I reiterate that none of the credit decisions at the bank are unilateral ... the organisation design and structure obviate the possibility of conflict of interest,” adding that “I have served ICICI for the last 34 years with all my dedication and hard work. I have never shied away from taking tough decisions whenever required to be taken in the best interest of the organisation.”
Kochhar worked with ICICI for over three decades, wherein she rose in her stature to become one of the most influential women bankers in the country. She was “utterly disappointed, hurt and shocked.”