The Enforcement Directorate on Friday searched the residences of ICICI's ex-MD and CEO Chanda Kochhar and Videocon founder and CEO Venugopal Dhoot in a bank loan fraud case.
According to The Economic Times, the ED is conducting multicity raids in connection to the case. Kochhar and Dhoot's Mumbai residences are being searched. The raids began early on Friday. At least five offices and residences are being searched.
ED had earlier registered a money-laundering criminal case against Kochhar, Deepak Kochhar and Dhoot. Along with this, the Central Bureau of Investigation (CBI) had issued a look-out circular on February 22 against Kochhar, Deepak Kochhar and Dhoot.
"The I-T report has been shared with ED. They have made a lot of headway in their probe, including sending requests under the Double Taxation Agreement (DTA) and the Mutual Legal Assistance Treaty (MLAT) to a few foreign jurisdictions where the money has been suspiciously routed. Since our case concerns about money laundering, the I-T findings are a matter of interest to us. The couple will be quizzed on this," said an ED official was quoted as saying by Economic Times.
The ED had a meeting with the I-T department, which is also investigating alleged tax fraud done by the trio.
