Leaving no stone unturned, ED raids Kochhar's offices and residential premises..!

Mumbai, March 1: Unearthing the evidences abide the ICICI bank loan fraud case, the Enforcement Directorate on Friday carried out investigative searches searches against former ICICI bank CEO Chanda Kochhar and Videocon promoter Venugopal Dhoot.

  

This is exactly seven days after the CBI issued the lookout notice against the lady making sure that the triumvirate can’t leave India. According to the officials, the raids are being carried out in at least five office and residential premises in Mumbai and a few other locations.

A team of ED sleuths, assisted by the police, is looking for more evidences in the case and the raids launched were early in the Friday morning, the officials added.

 

The agency had registered a criminal case under the Prevention of Money Laundering Act (PMLA) earlier this month against Kochhar, her husband Deepak Kochhar, Dhoot and others to probe alleged irregularities and corrupt practices in sanctioning of Rs 1,875-crore loans by the ICICI bank to the corporate group.

It is alleged that Dhoot had invested in Deepak Kochhar's company Nupower through his firm Supreme Energy a quid pro quo to loans cleared by ICICI Bank after Chanda Kochhar took over as the CEO of the bank on 1 May, 2009. The ownership of Nupower and Supreme Energy changed hands through a complex web of shared transactions between Deepak Kochhar and Dhoot, the CBI alleged.