Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Science
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Find Cricket Statistics
Hindi
More
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Science
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / Business News / Chanda Kochhar probe extends to US, SEC now investigating case
  • Business

    Chanda Kochhar probe extends to US, SEC now investigating case

    Gogona Saikia
    Written by
    Gogona Saikia
    Mail
    Last updated on Jun 10, 2018, 12:48 pm
    Chanda Kochhar probe extends to US, SEC now investigating case
  • The probe against ICICI Bank chief Chanda Kochhar and her family's allegedly illegal business dealings with the Videocon group is going international.

    PTI reports the US' SEC (Securities and Exchange Commission) is actively looking into the matter as ICICI is also listed in the country.

    Besides, Indian agencies are considering contacting their overseas counterparts, including in Mauritius, in their own probes too.

  • In this article
    Why is Kochhar being probed? Alleged links with the Essar Group Case being probed by several agencies in India ICICI launches own internal probe SEC apparently planning to seek information from Indian agencies
  • Allegations

    Why is Kochhar being probed?

    Why is Kochhar being probed?
  • In March, reports emerged that relatives of Kochhar and Videocon's Venugopal Dhoot were allegedly involved in several illegal transactions since 2001.

    Apparently, Venugopal gave Deepak, Chanda's husband, a lucrative business deal in exchange for a Rs. 3,250 crore loan he got from ICICI Bank in 2012, among other illegalities.

    Videocon also allegedly pumped money into NuPower Renewables, owned by Deepak, in lieu of benefits.

  • Information

    Alleged links with the Essar Group

  • Whistleblower Arvind Gupta then alleged that the Essar Group and its founders got unjustified favors from ICICI for "round-tripping" investments into NuPower. NuPower apparently got investments of up to Rs. 325cr from Mauritius-based Firstland Holdings, a firm owned by Nishant Kanodia, son-in-law of Essar co-founder Ravi Ruia.

  • Probe

    Case being probed by several agencies in India

    Case being probed by several agencies in India
  • Currently, the matter is being probed by the CBI, which has already registered a preliminary enquiry against Deepak, among others. In April, the Bureau extensively questioned Chanda's brother-in-law Rajiv.

    SEBI has served her a notice over the alleged illegal dealings between ICICI with Videocon and NuPower.

    Banking regulator RBI and the corporate affairs ministry are also looking into it.

  • ICICI

    ICICI launches own internal probe

    ICICI launches own internal probe
  • Meanwhile, the ICICI board has ordered a fresh probe against Chanda in the case. The investigation is expected to be headed by a retired judge, who will be assisted by a law firm and a forensic investigator.

    Major firms like Deloitte, PwC, EY, Alvarez & Marshal, etc. have offered to do a forensic audit.

    However, a decision hasn't been taken yet.

  • Information

    SEC apparently planning to seek information from Indian agencies

  • Sources now say the SEC is considering seeking information from SEBI in the case. However, neither the Commission nor ICICI Bank has offered any statement yet. The development isn't positive for Chanda, who has, till now, maintained innocence in the allegations against her.

  • Reserve Bank Of India (RBI)
  • ICICI Bank
  • SEBI
  • Chanda Kochhar
  • US
  •  
Latest News
  • 'Mumbai Saga' trailer: A screaming John locks horns with Emraan
    'Mumbai Saga' trailer: A screaming John locks horns with Emraan
    Entertainment
  • Facebook COO Sheryl Sandberg pens 'open love letter' to fiance
    Facebook COO Sheryl Sandberg pens 'open love letter' to fiance
    Entertainment
  • Ameesha Patel accused of fraud, gets two weeks to respond
    Ameesha Patel accused of fraud, gets two weeks to respond
    Entertainment
  • IPL 2021: BCCI eyeing several venues to conduct the tournament
    IPL 2021: BCCI eyeing several venues to conduct the tournament
    Sports
  • Redmi Note 10 smartphone's design, cameras revealed in first look
    Redmi Note 10 smartphone's design, cameras revealed in first look
    Science
Related Timelines
  • Chanda Kochhar gets bail; can't leave country without court's permission
    Chanda Kochhar gets bail; can't leave country without court's permission
    India
  • ED arrests former ICICI CEO's husband over money laundering
    ED arrests former ICICI CEO's husband over money laundering
    India
Trending Topics
Bharti Airtel Mukesh Ambani Flipkart WhatsApp Reliance Jio OPPO Isha Ambani
Next News Article
Share
Cancel

Want to share it with your friends too?

Facebook Whatsapp Twitter Linkedin
Copied

Love Business news?

Subscribe to stay updated.

Business Thumbnail
India News Business News World News Politics News Sports News Science News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Bharti Airtel Mukesh Ambani Indian Premier League Samsung Flipkart Virat Kohli
Rohit Sharma Cricket News YouTube Hollywood News WhatsApp Bollywood News ISRO Yoga Honda Batman
Football News BMW Vaccine Reliance Jio OPPO Food News, Healthy Recipes Royal Challengers Bangalore Toyota Fashion Tips Farmers Protest
Mercedes Barcelona La Liga Isha Ambani India Vs England Cricket OnePlus Mobiles Android TV Smart TV Bharat Bandh Deadpool
Marvel Comics Avengers Neha Kakkar Premier League
About Us Privacy Policy Terms & Conditions Contact Us News Reviews News Archive Topics Archive Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2021