Business & Finance Business Tit-Bits

What further misdeeds have the Kochhars committed?


It is now a well accepted fact that Chanda Kochhar, the former CEO of the ICICI Bank, was at the centre of kickbacks, call it bribes, in respect of big ticket loans sanctioned by ICICI to various big corporates during her tenure, including to the likes of Videocon, Essar etc. most of which have turned NPA, inflicting huge losses to the bank. The latest whistle blower letter alleges that Avista Advisory, the purported consulting firm run by Rajiv Kochhar, brother in law of Chanda Kochhar, was the key player for receiving kickbacks in lieu of illegal favours granted to numerous corporates by ICICI Bank, during Chanda Kochhar’s tenure. It was also alleged in the Chanda Kochhar saga, that Avista had received lucrative consulting assignments from ICICI Bank for the restructuring of NPA accounts; its shady consulting only being to buy time for the defaulting corporates, before they finally turned bad, inflicting huge losses to the Bank. And what was known about Avista in trade circles, is now exposed through serious allegations/information disclosed by a whistleblower from Singapore in a letter to the ED and CBI, stating that Avista’s primary role was to arrange loans and restructuring thereof, for which it received huge kickbacks from the likes of the Jaypee Group, Bhushan Power, Suzlon, Sterling Group etc. that too into companies tucked away in tax havens likes Cayman Islands and Singapore. #ChandaKochhar #RajivKochhar #DeepakKochhar #ICICIBank #Avista

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