The Enforcement Directorate (ED) has summoned former ICICI Bank Managing Director (MD) and CEO Chanda Kochhar to appear before it on Monday in connection with the Videocon loan case. Earlier, Chanda Kochhar and her husband Deepak Kochhar were questioned for five consecutive days from 13 to 17 May in Delhi.
Chanda Kochhar had resigned from the ICICI Bank on October 4 last year. However, after an independent enquiry conducted by Justice Srikrishna Committee indicted Kochhar in the controversial Rs 3,250-crore loan for the Videocon Group, the bank on January 30, 2019, decided to treat her resignation as termination and revoked all her existing and future entitlements.
The board set up by the bank has also decided to take steps for “clawback of all bonuses paid to her between April 2009 and March 2018, and to take such further actions as may be warranted in the matter”.
An independent enquiry conducted by retired Supreme Court judge BN Srikrishna indicted Kochhar, who had led the bank for nearly a decade, for violation of bank’s code of conduct and conflict of interest duties in the case.
Chanda Kochhar was the first woman CEO of a bank in the country.
The Central Bureau of Investigation (CBI) had, on January 24, registered a case against Kochhar, her husband Deepak Kochhar, Videocon Group chairman Venugopal Dhoot, and the then entire credit committee members of ICICI Bank in connection with the loan case.
The Enforcement Directorate (ED) had, on March 1, carried out simultaneous raids at the residences of Chanda Kochhar and Videocon Group promoter Venugopal Dhoot. The agency had searched Kochhar’s south Mumbai and Dhoot’s Aurangabad residence.
Earlier, the Central Bureau of Investigation (CBI) had searched Nupower Renewables and Dhoot’s offices in Mumbai and Aurangabad.
The ED had registered a case of money laundering in February on the basis of a CBI FIR. In January, the CBI had raided four locations in Mumbai related to the case.
Kochhar is accused of “sanctioning loans to private companies in a criminal conspiracy with other accused to cheat the ICICI Bank”.