Moneycontrol
Get App
you are here: HomeNewsBusiness
Last Updated : Feb 22, 2019 05:17 PM IST | Source: Moneycontrol.com

ICICI-Videocon case: CBI issues lookout circulars against Kochhars, Dhoot

A lookout circular is issued to check whether a traveller is wanted by the police, and aims to restrict them from leaving the country

Moneycontrol News @moneycontrolcom

The Central Bureau of Investigation has issued look out circulars (LOC) against former ICICI Bank CEO Chanda Kochhar, her husband Deepak Kochhar and Videocon managing director Venugopal Dhoot, ANI reported.

Moneycontrol could not independently verify the report.

Sources told The Times of India that the CBI has alerted all immigration authorities at airports to let them know if Kochhar tries to leave the country. It was not clear whether the circular was 'alert only' or had the provision of detaining Kochhar.

Close

The report stated that CBI may bring all the three parties for questioning to understand why high value loans were given to the Videocon group, flouting rules of the banking regulation act, RBI guidelines and the credit policy of the ICICI Bank.

In January, an FIR was registered for alleged corruption in six loans worth Rs 1,875 crore extended to Videocon group by ICICI Bank during 2009-11. It alleged that Kochhar had "illegal gratification through her husband and Dhoot for sanctioning a term loan of Rs 300 crore to Videocon International Electronics". The Enforcement Directorate is also probing the matter.

"LOCs were filed after the FIR and are mandatory in cases where such economic offences are alleged. In recent times, keeping an eye on travel plans is a top concern for regulators," one CBI official was quoted by a media report.

A lookout circular is issued by authorities to check whether a traveller is wanted by the police. It is mostly used during immigration at international airports and borders. According to the Ministry of Home Affairs, the circular is valid for a year, unless specified otherwise.

Many economic offenders like Nirav Modi, Vijay Mallya and Mehul Choksi have been issued a similar circular.

Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.
First Published on Feb 22, 2019 01:52 pm
Loading...
Sections
Follow us on
Available On
PCI DSS Compliant