Rajiv Kochhar moves HC seeking cancellation of LOC

Former ICICI Bank chief executive Chanda Kochhar’s brother-in-law Rajiv Kochhar moved a Delhi court on Wednesday seeking cancellation of look out circular (LOC) against him in an alleged bank loan fraud and money laundering case registered against them. The court is likely to hear the application on Thursday. Chanda, her husband Deepak and Rajiv have been questioned by the Enforcement Directorate, which is probing the case under the Prevention of Money Laundering Act (PMLA). Rajiv has been questioned by the CBI as well in the same case in the past as well. He is the founder of Singaporebased Avista Advisory. Rajiv was asked by CBI sleuths about the help he had extended to Videocon in relation to a loan from ICICI Bank to the group’s main promoter Venugopal Dhoot.