Indian agency searches properties of former ICICI Bank CEO Kochhar

Videocon Industries (India)

01/03/2019 10:35

MUMBAI, March 1 (Reuters) - India's financial crime fighting
agency said on Friday it was conducting searches on properties
of former ICICI Bank  ICBK.NS  CEO Chanda Kochhar and a top
executive of Videocon group, amid probes into suspected conflict
of interest and misconduct.
    Searches, under prevention of money laundering laws, were
being conducted in Mumbai and Aurangabad, the Enforcement
Directorate (ED) said on Twitter.
    In January, India's federal police, the Central Bureau of
Investigation (CBI) filed a case of criminal conspiracy and
fraud against Kochhar, her husband, and Videocon Managing
Director Venugopal Dhoot alleging Kochhar had favoured Videocon,
a consumer electronics and oil and gas exploration company, by
violating the bank's lending policies.  urn:newsml:reuters.com:*:nL3N1ZO446
    CBI alleged that Dhoot, in return, invested a large sum in
NuPower Renewables, a business headed by Kochhar's husband.
    Last month, the federal investigating agency raided four
locations owned by Videocon Industries  VEDI.NS  and NuPower
Renewables, according to a source at CBI.  urn:newsml:reuters.com:*:nL1N1ZO05S
    The Enforcement Directorate registered a money laundering
case against Kochhar, her husband and Dhoot last month based on
the case by CBI, according to media reports.
    Dhoot, Kochhar, and her husband were not reachable for
comment on the Enforcement Directorate's searches on Friday. 
    ICICI said in January an investigation had found Kochhar had
violated internal bank policies and it sought to revoke her
unpaid bonuses or increments, unexercised stock options and
medical benefits.  urn:newsml:reuters.com:*:nL3N1ZU4FL
    Kochhar has not commented on the allegations by CBI but had
said she was "utterly disappointed, hurt and shocked" by ICICI's
decision. Her husband Deepak Kochhar and Videocon's Dhoot have
denied any wrongdoing.
    ICICI Bank did not immediately respond to a request for
comment.

 (Reporting by Abhirup Roy; Additional reporting by Promit
Mukherjee; Editing by Muralikumar Anantharaman)
 ((abhirup.roy@thomsonreuters.com; + 91 22 6180 7067; Reuters
Messaging: abhirup.roy.thomsonreuters.com@reuters.net))