CBI again questions two directors of NuPower

NEW DELHI: The Central Bureau of Investigation (CBI) once again examined two directors of NuPower Renewables Pvt Ltd in connection with a preliminary enquiry into allegations of a quid pro quo arrangement in loans provided by ICICI Bank to the Videocon Group.

The agency asked Mahesh Chandra Punglia and Uma Kant Venkat Naik to join the investigations on Thursday. A company secretary was also called in.

Deepak Kochhar, the husband of ICICI Bank CEO Chanda Kochhar, is the founder of NuPower Renewables. The agency reckons that Punglia was closely associated with the Videocon Group, helmed by Venugopal Dhoot. According to the CBI, Punglia, a former employee of Videocon, used to offer consultancy services to Videocon.


The agency quizzed Chanda Kochhar’s brother-in-law Rajiv Kochhar for five straight days last week. Rajiv Kochhar’s Singaporebased company, Avista Advisory Group, has come under scanner for allegedly restructuring loans given to Videocon Group by ICICI Bank.

The CBI is conducting a preliminary enquiry into allegations that Dhoot funded a firm run by Deepak Kochhar after getting a loan from ICICI Bank in a quid pro quo arrangement. Lookout circulars against Dhoot and Deepak Kochhar have been issued to ensure they do not leave the country.