ED conducts searches against Videocon group, promoters

The ED conducted searches against the promoters of the Videocon group in Mumbai on Friday in connection with its probe against the business house linked to some overseas businesses, official sources said. They said the searches were being conducted at multiple premises.

Further details about the latest action were not available immediately.

The Enforcement Directorate (ED) has been investigating Videocon group chairman Vengugopal Dhoot, former

CEO and MD Chanda Kochhar and her husband Deepak Kochhar under the Prevention of Money Laundering Act (PMLA) for the last few years and has also filed a chargesheet against them.

The case against the Kochhars, Dhoot and their business entities is linked to the alleged “illegal sanctioning of loans amounting to Rs 1,875 crore to the Videocon Group of Companies”.