ED search homes of former ICICI CEO Chanda Kochhar and Videocon MD Venugopal Dhoot

The homes of former ICICI bank CEO Chanda Kochhar and Videocon managing director Venugopal Dhoot were searched by the Enforcement Directorate (ED) today.

The Central Bureau of Investigation (CBI) had earlier issued a look-out notice against Kochhar and her husband, and also Mr. Dhoot. The lookout notices was to restrict their movement at transit points.

The case is about a loan  ICICI Bank to Videocon when Chanda Kochhar was heading it, and the business ties between Venugopal Dhoot and her husband.

The Videocon MD Venugopal Dhoot invested heavily in NuPower Renewables, a company that was founded by Kochhar’s husband. The INR₹ 3,250 crore loan has become a non-performing asset for ICICI Bank.

The CBI is currently examining the evidence and searching homes after an FIR was filed last month.

Ms. Kochhar had quit as the CEO of ICICI bank following the allegations.

In a statement made last month Kochhar said, “I reiterate that none of the credit decisions at the bank are unilateral … the organisation design and structure obviate the possibility of conflict of interest. I have served ICICI for the last 34 years with all my dedication and hard work. I have never shied away from taking tough decisions whenever required to be taken in the best interest of the organisation.”