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CBI Issues Lookout Notice Against Chanda Kochhar In Videocon Loan Case

A lookout notice is an intimation to immigration authorities at all the ports of exit to intimate the investigation agency incase the accused tries to leave the country.
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NEW DELHI — The CBI has issued lookout notices against former ICICI Bank CEO Chanda Kochhar, her husband Deepak and MD of the Videocon Group Venugopal Dhoot, officials said Friday.

The move was taken nearly a week after a case was registered against Chanda Kocchar, Deepak and Dhoot, they said.

The move is to ensure that none of the accused in the case related to alleged corruption in clearing loans worth Rs 1,875 crore to the Videocon Group, they said.

A lookout notice is an intimation to immigration authorities at all the ports of exit to intimate the investigation agency incase the accused tries to leave the country. The immigration authorities may also detain the person if requested by the agency.

The Central Bureau of Investigation had to cut a sorry figure after its dilution of lookout circular against liquor baron Vijay Mallya led to his escape to the UK in 2016.

No summons have been issued against Chanda Kochhar to record her statement so far, the officials said.

It is alleged that during the tenure of Chanda Kochhar, six loans worth Rs 1,875 crore were cleared for the Videocon Group and its associated companies, in which in two cases she herself was on the sanctioning committees.

In its FIR, the CBI has also named several top honchos of the banking industry, including the present CEO of ICICI Bank Sandeep Bakshi, alleging that they were also members of the sanctioning committees whose role needs investigation.

Chanda Kochhar was on the sanctioning committee deciding two loans-Rs 300 crore to Videocon International Electronics on 26 August, 2009 and Rs 750 crore to Videocon Industries Limited on 31 October, 2011, the FIR has alleged.

The loans were issued in the alleged violation of laid down policies and regulations of the bank, it alleged.

Most of these loans became non-performing assets over the course, causing a loss of Rs 1,730 crore to the bank, it alleged.

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This article exists as part of the online archive for HuffPost India, which closed in 2020. Some features are no longer enabled. If you have questions or concerns about this article, please contact indiasupport@huffpost.com.