CBI questions ICICI MD’S brother-in-law, Nupower directors

MUMBAI: The CBI on Sunday questioned Rajiv Kochhar, brotherin-law of ICICI Bank MD and CEO Chanda Kochhar, and two directors of Nupower Renewables Pvt Ltd in connection with a case relating to Rs 3,250 crore loan to the Videocon Group in 2012.

Umanath Vainkut Nayak and Mahesh Chandra Pugalia, a close aide of Videocon Group chief Venugopal Dhoot, are the directors of Nupower, the company formed by Chanda Kochhar’s husband Deepak Kocchar and Dhoot in December 2008.

All were questioned at the Central Bureau of Investigation’s (CBI) Bandra office.

Rajiv Kochhar was questioned for the fourth consecutive day on Sunday while Pugalia was examined for the second consecutive day in connection with the case.

CBI, however, questioned Nayak first time in the case to probe his role in offering consultancy services if any to Videocon Group being investigated by the CBI.

Pugalia was also asked over the issue as he was previously an employee of Videocon Group and used to offer consultancy services to the firm.

Nayak and Pugalia were confronted during the questioning, said sources in the CBI.

According to the agency officials, the duo were also asked about the role of Rajiv’s Singapore-based company Avista Advisory in the restructuring of loan.

They were also asked about the help Pugalia extended to Videocon in securing the loan from the ICICI Bank, which was part of a Rs 40,000 crore credit given by a consortium of 20 banks, led by the State Bank of India, to the Videocon Group.

The CBI on Thursday and Friday, Saturday, too, questioned Rajiv Kochhar for hours in connection with the case.