The CBI is probing whether ICICI Bank mandated Singapore-based Avista Advisory Group founded by Rajiv to restructure foreign currency denominated debt deals worth over $ 1.5 billion of seven companies.
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.Are you happy with your current monthly income? Do you know you can double it without working extra hours or asking for a raise? Rahul Shah, one of the India's leading expert on wealth building, has created a strategy which makes it possible... in just a short few years. You can know his secrets in his FREE video series airing between 12th to 17th December. You can reserve your free seat here.