CBI-accused Chanda Kochhar attends meet with Union Minister

Former ICICI Bank CEO Chanda Kochhar, who is one of the accused in ICICI-Videocon loan case, on Wednesday was seen attending a meeting of the Indian Institute of Information Technology (IIIT), Vadodara with HRD minister Ramesh Pokhriyal.

According to Hindustan Times, Kochhar continues to be chairman of the prestigious Indian Institute of Information Technology (IIIT), Vadodara even after is named in ICICI-Videocon loan case. The ED has registered a criminal case under the PMLA earlier this year against Chanda Kochhar, Deepak Kochhar, Dhoot and others to probe alleged irregularities and corrupt practices in sanctioning Rs 1,875-crore loans by the ICICI Bank to the corporate group.

A senior government official told the HIndustan Times, “The HRD minister chaired the IIIT coordination forum meeting on Wednesday in New Delhi. Kochhar was also present as she is the chairperson of the IIIT at Vadodara.” A senior HRD ministry official told the leading daily, “She continues to be the chairperson of the institute. The president of India had appointed her and has not removed her. No proposal has gone for her removal. So, naturally she can attend meeting.”

The ED is probing an alleged money laundering case against Chanda, Deepak Kochhar and Videocon group chairman, VN Dhoot. Allegedly, Dhoot had invested in NuPower Renewables Ltd. through his firm Supreme Energy as quid pro quo for loans cleared by the ICICI Bank under Chanda Kochhar. Of the Rs 40,000 crore loan to the Videocon group, Rs 3,250 crore was given by ICICI Bank. A large portion of the loan by ICICI was unpaid at the end of 2017. The bank proceeded to declare the Rs 2,810 crore of unpaid loan as non-performing asset (NPA).

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