The Enforcement Directorate (ED) has reportedly expanded the scope of its investigation against former ICICI Bank CEO and MD Chanda Kochhar.
It is looking into Kochhar’s involvement in loans given by the Bank to Sterling Biotech and Tata group acquired Bhushan Steels, as per an India Today report.
- In a fresh summon, ED has ordered former ICICI Bank MD & CEO Chanda Kochhar to show up in person.
- This comes after more than a dozen dubious loans granted by ICICI Bank during Kochhar’s tenure in exchange of investment in her Deepak Kochhar’s firm were revealed.
- Primary investigation by ED found the details provided by a ‘Singaporean citizen’ to be legitimate.
- Evidence collected by ED reportedly implies that Chanda Kochhar was the sole beneficiary of the loans.
- Also being probed is whether a portion of the ₹300 crore loan received as illegal gratification was laundered.
As per reports, the ED suspects that Chanda Kochhar and husband benefited from loans worth hundreds of crores provided to Sterling Biotech. Sterling’s owners Nitin Sandesara and Chetan Sandesara are wanted in a Rs 8,100-crore bank loan fraud. Reports have speculated that the brothers are hiding in Albania
The ED has ordered Kochhar to personally appear before it in Delhi. A detailed list of movable and immovable assets owned by her has also been sought.
Chanda has also been asked to make full disclosure to the agency on similar lines to what she made to RBI, SEBI and other regulators.