MUMBAI (Reuters) – India’s federal investigating agency raided four locations owned by Videocon Industries and NuPower Renewables, a source from the Central Bureau of Investigation (CBI) said on Thursday.
It was the latest development in a controversy over allegations that former ICICI Bank CEO Chanda Kochhar had favored Videocon, a consumer electronics and energy exploration firm, in the bank’s lending practices. Kochhar resigned from the bank last October.
Videocon’s founders had an investment in a renewable energy company founded by Kochhar’s husband, Deepak Kochhar.
Television channels reported on Thursday that the CBI had filed a formal complaint against Venugopal Dhoot, chairman of Videocon, and Deepak Kochhar, co-founder of NuPower Renewables.
Shares in ICICI Bank fell as much as 1.5 percent after the news.
Reporting by Nidhi Verma and Swati Bhat; editing by Darren Schuettler