Business & Finance

ICICI bank-Videocon case: ED searches office, residential premises of Chanda Kochhar, Dhoot

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New Delhi/Mumbai | The Enforcement Directorate (ED) on Friday carried out searches against former ICICI bank CEO Chanda Kochhar and Videocon promoter Venugopal Dhoot in connection with a bank loan fraud case, officials said.

They said the raids are being carried out in at least five office and residential premises in Mumbai and a few other locations.

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.

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

The ED’s PMLA case was filed after taking cognisance of a CBI complaint lodged in the matter last month.

The CBI had named Chanda Kochhar, Deepak Kochhar, and Dhoot and his companies — Videocon International Electronics Ltd (VIEL) and Videocon Industries Limited (VIL).

The central probe agency also named Supreme Energy, a company founded by Dhoot, and Nupower Renewables, a company controlled by Deepak Kochhar, in the FIR.

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 May 1, 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.

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Sushma Swaraj arrives in Abu Dhabi to attend Islamic Nations’ conclave

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External Affairs Minister Sushma Swaraj on Thursday arrived in Abu Dhabi to attend the foreign ministers’ meet of the Organisation of Islamic Cooperation (OIC) states, an influential grouping of 57 countries.

Ms Swaraj will attend the inaugural plenary of the two-day meeting on Friday. It is for the first time that India has been invited to an OIC meeting as a guest of honour.

“Recognising India’s engagement with the Islamic world. EAM @SushmaSwaraj arrives in #AbuDhabi for the Ministerial Meeting of @OIC_OCI. India has been invited by HH Sheikh Abdullah bin Zayed Al Nahyan, Foreign Minister of UAE as the ‘Guest of Honour’” External Affairs Ministry Spokesperson Raveesh Kumar tweeted.

India’s engagement with the OIC comes in the midst of escalating tension between India and Pakistan. The ties strained further after Indian fighter jets bombed terror group Jaish-e-Mohammed’s biggest training camp near Balakot deep inside Pakistan early Tuesday. Pakistan carried out a retaliatory aerial raid on Wednesday.

There were reports that Pakistan tried to get Swaraj “disinvited” from the OIC meet following India’s air strike on the terror camp in Pakistan.

The OIC had disinvited India from its conference in 1969 in Morocco at Pakistan’s behest. The OIC has usually been supportive of Pakistan and often sided with Islamabad on the Kashmir issue.

The MEA said Foreign Minister of United Arab Emirates Sheikh Abdullah bin Zayed Al Nahyan invited Ms Swaraj as the “guest of honour” to address the inaugural plenary and that India was happy to accept the invitation.

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