CBI detains Kochhar’s brother-in-law

Mumbai, April 5

ICICI Bank MD and CEO Chanda Kochhar’s brother-in-law Rajiv Kochhar was stopped from boarding a flight from here to Singapore on Thursday. He was picked up by Central Bureau of Investigation sleuths and taken to an undisclosed destination for questioning.

According to sources, a lookout circular had been issued against Rajiv and other members of the Kochhar family so that none of them could leave the country.

The CBI has filed for a preliminary enquiry against Chanda Kochhar, her husband Deepak and brother-in-law Rajiv and others as part of a probe into the Rs 3,250-crore loan issued to the Videocon group in 2012.

The preliminary enquiry comes after media reports alleged that financial dealings of Deepak’s companies coincided with the big loans made by ICICI Bank to Videocon.

Rajiv, who runs a firm, Avista Advisory, in Singapore is reported to have business dealings with several companies that had borrowed money from ICICI Bank but are now facing bankruptcy.

Last week, the ICICI Bank board came out in support of Chanda Kochhar, saying it had full faith and confidence in her and described certain reports against her regarding credit disbursement to Videocon group as “malicious and unfounded rumours”. — TNS