Former ICICI CEO, Chanda Kochar issued with Look-Out Circular by CBI
Chanda Kochar, the former CEO of ICICI Bank is been issued with Look Out Circular(LoC) by the CBI against allegations of conspiring with her husband to benefit Videocon Group and cheat the bank of Rs 1,730 crore.
Look Out Circular enables the agencies to acknowledge if the issued person tries to leave the country. The immigration authorities at all airports and exit points across the country will have to inform the CBI if she attempts to leave the country.
If the sources are to be believed, the LoCs issued earlier against the Deepak Kochhar and Videocon Managing Director Venugopal Dhoot have also been revised.
According to the FIR registration on January 22, ICICI Bank sanctioned Six loans are sanctioned to Videocon group of companies in violation of rules and regulations. It was claimed that Chanda Kochhar was instrumental in sanctioning these loans by misusing her official position
It was also alleged that Dhoot gave Rs 64 crore in 2010 to NuPower Renewables Pvt Ltd and transferred proprietorship of the company to a trust owned by Deepak Kochhar six months for Rs 9 lakh after he received the loan from ICICI.
However, the CBI officials refused to enclose the information of whether the LoC against Chanda Kochhar is limited to “alert only” or she has to be detained by immigration officials in such a scenario.