ED probing ICICI’s ₹389 crore loans sanctioned by Chanda Kochhar

Must Read

Howdy, Modi! : World media reactions on Modi-Trump’ grand Houston Event address

New Delhi, Sep 23: United States President Donald Trump and Indian Prime Minister Narendra Modi on late Sunday shared...

Howdy Modi : Modi-Trump mark history in US-India relationship with great show at Houston

Houston, Sep 22:  Modi, delivering his speech at the historic event, talks about the development underwent over five years...

ECI announces dates of Maharashtra & Haryana elections; Single Phase Election on October 21; Result on 24th

Election Commission of India has announced the dates of much-awaited state elections. According to the Chief Election Commissioner, Sunil...

Two loan sanctioned by Chanda Kochhar when she was at the top of ICICI Bank are under the consideration of probe agency- Enforcement Directorate (ED). The two loans amounts to ₹369 crore were given by Deepak Kochhar’s NuPower Renewables Ltd (NRL) from VN Dhoot’s Videocon Group and Nishant Kanodia’s Firstland Holdings.

Chanda Kochhar, who was once at the helm of ICICI bank is being accused of accepting kickbacks in lieu of sanctioning loans in favor companies which invested into Deepak Kochhar (her husband) led NuPower Renewables Ltd.

The central probing agency has been meticulously examining two loan sanctions and related transaction, one of which pertains to NuPower Renewables Ltd (NRL). As per some people familiar to the transactions, a day after a term loan of ₹300 crore was sanctioned, ₹64 crore was transferred by Dhoot (head of Videocon Group) to NRL through his other company Supreme Energy Pvt Ltd (SEPL).

The second instance pertains to a similar kind of transaction between NRL and Kanodia’s Firstland Holdings. In this case, Essar Group companies gets loan sanctioned from ICICI bank between 2010-2012, during the same time Firstland Holdings which invested ₹324 crore in Deepak Kochhar’s company NRl, gets ₹163 crore from Essar Group. Both of these transactions allude to internal collusion between Chanda kochhar, Deepak Kochhar and the other two involved companies.

“These two instances are clear cut cases of kickbacks received for the loan sanctioned to group companies. On September 7, 2009 RTL (rupee term loan) of ₹300 crore was transferred to Videocon International Electronics Ltd (VIEL) and the very next day, Dhoot transferred ₹64 crore to NRL, managed by Deepak Kochhar. As also in the case of Firstland Holdings, these loans were then laundered and brought back into the system through a maze of complex web of transactions.

Our probe is now concentrating on the trail and how it was ultimately used by the Kochhar couple to purchase personal assets,” said a person having close knowledge of the ongoing graft case and related development.

Earlier in February, lookout notices were issued by CBI for Chanda Kochhar and her husband regarding the graft scandal.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Markets open on positive note, PSU banks up (Lead)

Mumbai, Oct 16 (IANS) Indian markets opened higher on Wednesday led by gains in banks and financial sector stocks...

Two militants killed in Anantnag gunfight

Srinagar, Oct 16 (IANS) Two militants were reportedly killed on Wednesday in Jammu and Kashmir's Anantnag district in a gunfight with the security forces,...

UP Cong gasps for survival as resignations trickle in

Lucknow, Oct 16 (IANS) The Congress in Uttar Pradesh is gasping for survival as it faces a growing revolt in its ranks.Senior Congress leader...

LinkedIn ‘Events’ tool to ensure safe online conversations

By Md Waquar HaiderNew Delhi, Oct 16 (IANS) Microsoft-owned professional networking platform LinkedIn is set to launch a 'Made in India' feature called 'Events'...

Headmaster suspended for making students sing Iqbal’s poem in UP

Pilibhit (Uttar Pradesh), Oct 16 (IANS) A Headmaster of a government school in Uttar Pradesh's Pilibhit was suspended following the complaint by the local...
- Advertisement -

More Articles Like This