In a key development on Thursday, the immigration authorities at Mumbai airport detained Rajiv Kochhar, the brother-in-law of the ICICI’s MD, Chanda Kochhar. His detention assumes significance in the wake of both the CBI and the Income Tax Department probing the Rs 3,250 scam.
A report by Business Today said that the agency had issued a lookout circular against Rajiv Kochhar, which is why he was detained while he was leaving for a Southeast Asian country from the Mumbai airport before he was handed over to the CBI officials.
Rajiv Kochhar is the founder and CEO of Singapore-based financial services company Avista Advisory. Quoting media reports, Business Today further added that in the past five years, his company got the mandate to restructure foreign currency-denominated debt deals worth over $1.7 billion of seven companies. All had taken loans from ICICI Bank at the same time.
Rajiv Kochhar’s detention came just days after Janta Ka Reporter reported how both Prime Minister Narendra Modi and Finance Minister Arun Jaitley were informed about the alleged corruption involving the ICICI CEO, Chanda Kochhar, worth Rs 3,250 crore.
In his complaint, the whistle-blower Arvind Gupta had demanded an appropriate investigation into ‘illicit banking and commercial relationship between Videocon Group of Venugopal Dhoot and ICICI Bank’s MD & CEO Chanda Kochhar’s family owned NuPower Renewable Group steered by her husband Deepak Kochhar.’ Gupta further went on to accused Kochhars of ‘amassing wrongful personal gains by deceiving stakeholders, shareholders, public / private sector banks and Indian Regulatory Agencies for unjust and illegal enrichment through corrupt banking practices within India and tax heavens by a high level CBI/ED/SFIO/SEBI/the RBI team to ensure healthy private sector Banking.’
Chanda Kochhar, a known friend of PM Modi, is alleged to have favoured Videocon Group in its lending practices. She was one of the first big corporate names to have lent her support to PM Modi’s pet scheme, Swachh Bharat Abhiyan, by making it mandatory for ICICI branches to actively take part in the campaign.