CBI questions Rajiv Kochhar again

The Central Bureau of Investigation (CBI) interrogated Rajiv Kochhar, founder of Avista Advisory, for a second day on Friday in the ICICI Bank's ~32.50-billion loan to the Videocon group in 2012. He was questioned for about 10 hours by the sleuths in Mumbai. According to CBI sources, Rajiv Kochhar has submitted the loan restructuring related documents sought by the agency. "He could be called again if we need his assistance in the probe,” said an official. A special team from CBI Delhi is investigating the matter in coordination with Mumbai-based officials. On Thursday, Kochhar was detained at Mumbai airport, before he could board a flight for Singapore. Sources said he was not fully cooperating in probe, and hence he was being called again with the relevant documents. During the interrogation on Thursday, he had said he was not aware of the loan extended to Videocon. He reiterated Avista was not related to his brother Deepak Kochhar, said the source. Rajiv Kochhar said he was engaged in a restructuring of loans but ICICI Bank was not connected to his business.

Rajiv claimed he was flying to Singapore for business-related work. The CBI is learnt to have issued a lookout notice against the Kochhar last week.

The CBI is examining Rajiv Kochhar, who has allegedly helped ICICI Bank in restructuring foreign currency convertible bond (FCCB) deals for at least seven companies, including Videocon.

Sources said the CBI would soon summon a few more senior officials from ICICI Bank and Videocon. The investigation is part of the preliminary enquiry that the agency had registered a month ago. Sources said the enquiry was initiated to ascertain the allegation that Dhoot gave money to a firm promoted by Deepak Kochhar and his two relatives, six months after the Videocon group received the loan from the bank in 2012. The loan was part of the ~400-billion loan that the Videocon group got from a consortium of 20 banks, led by State Bank of India.