Former ICICI Bank CEO Chanda Kochhar, her husband Deepak Kochhar and Videocon Group managing director Venugopal Dhoot has been served with lookout notices by the Central Bureau of Investigation (CBI). According to the officials, the move was taken nearly a week after a case was registered against Chanda Kochhar, Deepak Kochhar and Dhoot.
The notice’s purpose is to restrict the ability of the accused, in the case related to alleged corruption in clearing loans worth Rs. 1,875 crores to the Videocon Group, to leave the country. The officials also said that so far no summons have been issued against Chanda Kochhar to record her statement.
According to the reports, It is alleged that Chanda Kochhar, during her tenure as the CEO ICICI Bank, cleared six loans to the Videocon Group and its associated companies which were worth Rs 1,875 crores. She was part of the sanctioning committees for two of these loans.
According to the FIR, the two loans sanctioned by the committee headed by Chanda Kochhar were: Rs. 300 crores to Videocon International Electronics on 26 August 2009 and Rs. 750 crores to Videocon Industries Ltd on 31 October 2011. Most of these loans became non-performing assets over the course which caused the bank a loss of Rs. 1,730 crores.