The Central Bureau of Investigation (CBI) has enhanced its investigation in ICICI Bank-Videocon case. The agency detained ICICI Bank Managing Director Chanda Kochhar brother-in-law at Mumbai airport on Thursday. It called Rajeev Kochhar for questioning for the fourth consecutive day. A source said, “The agency is creating a base before calling the Kochhar couple for questioning.”
The ICICI Bank-Videocon case will be in focus this week since April 10 is the last date for reply of the showcause notice issued by the Income Tax Department. The Ministry of Corporate Affairs is also studying the complaint forwarded by the Serious Fraud Investigation Office in relation to the ICICI-Videocon case.
The Punjab National Bank fraud case also hogged the headlines last week. Last week, the CBI received approval to issue a non-bailable warrant against Nirav Modi and Mehul Choksi. It may be noted that the Enforcement Directorate has already issued a non-bailable warrant against Modi and Choksi.
The CBI questioned former RBI Deputy Governor HR Khan on the 80/20 scheme. At that time, Khan was in-charge of foreign exchange management at the central bank. The agency had recorded the statement of three chief general managers and one general manager before calling Khan.
In market related news, the government has appointed a third whole-time member to the Sebi board after five months of wait. Executive Director SK Mohanty who handles the commodity and hybrid debt market department has now been appointed as whole-time member.
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