Mumbai, January 24: The Central Bureau of Investigation on Thursday registered an FIR in the Chanda Kochhar case for alleged transactions between Nupower Renewables Pvt Ltd – owned by the husband of former CEO of ICICI Bank Chanda Kochhar and Venugopal Dhoot-controlled Videocon group. To probe the case, CBI is currently conducting raids at Videocon’s offices in four locations in Mumbai and Aurangabad. The raids are also being conducted at Nupower Renewables Pvt Ltd office – situated at Nariman point in Mumbai.

Earlier in June 2018, the ICICI Bank group appointed Life Insurance Venture’s CEO Sandeep Bakshi as its interim chief, after reports of Kochhar and her husband – Deepak Kochhar – were named in the alleged restructuring of Rs 32.5 billion loans to Venugopal Dhoot-controlled Videocon group in 2012. Though, Kochhar had denied the allegations and said that she has nothing to do with this case, it is speculated that she was asked to take leave till the ICICI-Videocon loan case is solved. Chanda Kochhar May Face Penalty of Rs 25 Crore If Found Guilty in Videocon Loan Case, SEBI Can't Ask Her to Resign.

The case came to limelight after a whistleblower made allegations that Kochhar violated the bank’s code of conduct, rules of conflict of interest and was part of quid pro quo dealings with certain bank borrowers. In March, 2018, Kochhar’s husband allegedly received a loan of Rs 64 crore from an entity owned by Videocon promoter Venugopal Dhoot. As per the reports, the loan was settled after it was transferred in the name of Deepak Kochhar in lieu of Rs 9 lakh in 2012.

The settlement came just six months before Videocon received a loan of above Rs 3,500 crore from the ICICI Bank. Out of the Rs 3,500 crore loan, Rs 2810 crore of the amount was declared as a non-performing asset in the year 2017, which raises suspicion.

With probe initiated by the CBI, the Income Tax department in April 2018 had issued a notice to Deepak Kochhar, husband of ICICI Bank MD and CEO Chanda Kochhar, in connection with its tax evasion probe in the Videocon bank loan case, officials had then said.

(The above story first appeared on LatestLY on Jan 24, 2019 12:04 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).