After ICICI Bank CEO Chanda Kochhar went on an indefinite leave, the income tax department is looking into complex transactions relating to purchase of her residence in South Mumbai.
According to a report in The Indian Express, the house was acquired through a web of deals involving Videocon Group. The deal has reportedly come under the scrutiny of the Income Tax Department.
ICICI Bank gave loans worth Rs 3250 to Videocon Group. There are allegations NuPower Renewables, her husband’s company, received a loan on a quid pro quo basis from the Videocon Group’s Chairman Venugopal Dhoot.
The Income Tax department is scanning the Kochhar’s’ flat at 45, CCI Chambers CHS Limited. According to the report the residence was originally purchased by Credential Finance, the financial company which was established by her husband Deepak Kochhar and her brother-in-law Rajiv Kochhar, in mid 1990s. Read More
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