June 07, 2019

ICICI Bank-Videocon Loan Fraud Case: Court Withdraws Look Out Circular Against Chanda’s Brother-In-Law Rajiv Kochchar

[ By Bobby Anthony ]


A Delhi court has withdrawn a Look Out Circular (LOC) which was issued against Rajiv Kochhar, the brother-in-law of former ICICI Bank CEO Chanda Kochhar, in the alleged ICICI Bank-Videocon loan fraud and money laundering case.

Rajiv Kochchar, who is a non-resident Indian, has been allowed to return to Singapore where he runs Avista Advisory.

However, the court imposed various conditions on the accused Rajiv Kochchar, in view of submissions made by the Enforcement Directorate (ED).

As per these conditions set by the court, Rajiv Kochchar would be allowed to leave India only after he furnished a fresh itinerary and gave his address in Singapore, besides his contact numbers and e-mail.

He has been asked to submit photocopies of his passport as well as bank accounts in India, and also inform the Enforcement Directorate about any of his travels outside Singapore.

He would have to furnish an unconditional bank guarantee and cash security of Rs 25 lakh as security for his joining the investigation as and when called upon to do so.

He has been directed not to make any sort of inducement, threat or promise to any person acquainted with the facts of the case in order to dissuade any such from disclosing facts to the court or to any investigating agency.

Though the ED had opposed the plea by Rajiv Kochchar for the LOC to the withdrawn, the court took the stand that since he had responded to the summons of the ED and made himself available for the purpose of investigation, the purpose of LOC stands served.

Chanda Kochchar and her husband Deepak Kochchar, along with her brother-in-law Rajiv Kochchar have been questioned by the ED, which is probing the case under the Prevention of Money Laundering Act (PMLA).

Rajiv Kochchar too has been already questioned by the CBI in the same case.

Related Post

latest News

  • FCA does not protect whistleblowers from retaliation if they are no longer employees: US Appeals Court

    On November 6, dismissing a whistleblower lawsuit, the United States Court of Appeals for the Tenth Circuit ruled that the False Claims Act (FCA) does...

    Read More
  • Six states approve controversial Marsy’s Law amendment

    On November 6, voters in six states, including Florida, Georgia, Kentucky, Nevada, North Carolina, and Oklahoma, approved a controversial ballot measu...

    Read More
  • AgustaWestland Chopper Scam: SC Stays HC Order Allowing Approver Rajeev Saxena To Go Abroad For Medical Treatment

    The Supreme Court has stayed a Delhi High Court order which had permitted AgustaWestland chopper scam approver Rajeev Saxena to go aboard for medical ...

    Read More