Videocon loan controversy: CBI questions Chanda Kochhar's brother-in-law for 2nd day

Chanda Kochhar said she is "disappointed, hurt and shocked" by ICICI Bank decision to treat her resignation as a "termination for cause". Kochhar said she served the ICICI group for 34 long years "with all my dedication and hard work" and the bank's latest decision has caused her "immense hurt and pain".

The Central Bureau of Investigation (CBI) questioned Rajiv Kochhar, brother-in-law of ICICI Bank Managing Director and CEO Chanda Kochhar, for nearly eight hours for the second consecutive day in connection with the loan restructuring of Videocon Group, sources told Moneycontrol.

The investigative agency has certain documents in its possession that it’s using to confront Rajiv.

A source told Moneycontrol, "CBI is looking into Rajiv Kochhar’s role in restructuring the loan to Videocon Group. Kochhar has been confronted with documents of loan restructuring of Videocon.”

Another source confirmed, “Mainly Rajiv’s role in restructuring of Videocon loans is being probed by CBI.”

The CBI is probing whether ICICI Bank mandated Rajiv's firm, Singapore-based Avista Advisory Group to restructure foreign currency denominated debt deals worth over $ 1.5 billion of seven companies over six years,including that of Videocon group of companies.

Since Rajiv is the brother-in-law of ICICI Bank’s MD and CEO, the investigating agency wants to ascertain whether there is any connection between Rajiv’s firm handling Videocon, GTL Infrastructure and Suzlon’s loans, where ICICI Bank was the lender.

Another source disclosed, “Avista handled seven companies where ICICI bank was the main lender and this is raising doubts of collusion.”

Rajiv was called at 11 am for questioning, which was still in progress even at 7 pm. He was detained at the Chhatrapati Shivaji International Airport in Mumbai on Thursday, before he could board a flight to Singapore.