No reference from SFIO on ICICI Bank matter, says corp affairs secy

New Delhi: It is well within the SIFO’s ambit to make a reference about a case but there is no such reference currently with the corporate affairs ministry on the issue involving ICICI Bank and Videocon Group, a senior official said today. 

Against the backdrop of controversy over the alleged conflict of interest and quid pro quo involving ICICI Bank CEO Chanda Kochhar and her family members in extending a loan to Videocon Group, reports said the Serious Fraud Investigation Office (SFIO) has sought permission to look into the matter.

The probe agency comes under the Corporate Affairs Ministry. On whether the matter is being looked at by the SFIO, Corporate Affairs Secretary Injeti Srinivas said there is no such reference in the ministry and added that the RBI is the regulator that is looking into it.

“If the SFIO considers it necessary to make a reference to the ministry, it is well within its ambit,” he told reporters.

The CBI has launched a preliminary investigation into Rs 3,250 crore loan ICICI Bank had extended to Videocon in 2012 and the role of Chanda Kochhar’s husband Deepak Kochhar. The bank’s board has reposed full faith in Chanda Kochhar.