Thursday, May 13

ED team visits Singapore authority in connection with the money laundering case against Chanda Kochhar

Mumbai: A team of the Enforcement Directorate (ED) recently visited Singapore in connection with the money laundering case against former ICICI Bank chief executive Chanda Kochhar, her husband Deepak and Videocon Group chairman VN Dhoot, sources in the know told ET.

Sources added that the crack team interacted with officials of the Inland Revenue Authority of Singapore (IRAS) in connection with companies owned by Deepak Kochhar’s brother, Rajiv.

A recent whistleblower letter was received by the central agency against Rajiv Kochhar’s firms – Avista Advisory Partners and Avista Holdings.

The complainant alleged, “…the advisory or consultancy fees for restructuring of loans given by various corporate promoters to Rajiv Kochhar’s Singapore-based companies were actually kickbacks for the loans granted by ICICI Bank”. A copy of the letter has been reviewed by ET.

Meanwhile, the anti-money laundering agency continued to question Chanda and Deepak Kochhar for a second day in row at its Delhi office, on the companies floated by them or their family members.

The couple was asked to carry documents pertaining to disclosures made before Reserve Bank of India, Securities & Exchange Board of India and other regulators, and grilled separately. heir Questioning will continue on Wednesday.

“The whistleblower’s letter had surfaced around the time Rajiv Kochhar was being questioned by the agency. A team subsequently visited Singapore and interacted with the officials from the IRAS that looks into matter related to international tax affairs. Information shared by them is critical to the probe,” said an official in know.

The whistleblower letter was addressed to Chia-Tern Huey Min, Deputy Commissioner (International, Investigation & Indirect Taxes Group), IRAS.

When approached for a response, Huey Min’s office declined to comment on the issue to ET.

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