Videocon loan controversy: CBI grills Rajiv Kochhar; all you need to know about Chanda Kochhar's brother-in-law

The Central Bureau of Investigation (CBI) questioned Rajiv Kochhar, ICICI Bank MD and CEO Chanda Kochhar’s brother-in-law, for a second day on Friday in connection with the bank’s Rs 3,250 crore loan to the Videocon Group in 2012. Rajiv Kochhar, who was asked to appear at the CBI office in Mumbai, was questioned about the loan and his links with Venugopal Dhoot, the promoter of the Videocon Group. He was detained at the Mumbai airport on Thursday, as he was trying to board a flight for a South East Asian country, on the basis of a look out circular issued by the CBI. He was questioned by the CBI on Thursday as well. Here is all you need to know about Rajiv Kochhar:  [caption id=“attachment_4419745” align=“alignleft” width=“380”] A file photo of Rajiv Kochhar. Image courtesy: Avista Advisory Group website.[/caption] Rajiv Kochhar is the founder and CEO of Singapore-headquartered Avista Advisory Group, a financial services company focused on South East Asia and India. The Indian arm is called Avista Corporate Finance Advisory Pvt. Ltd. He is the son-in-law of Sharad Upasani, the former Chief Secretary of Maharashtra. Citing data available with the Registrar of Companies (ROC), Mint reported that Avista Corporate Finance posted profits only twice in the last four years. Prior to starting Avista, Rajiv led the Tata Group’s foray into investment banking at TATA Finance, after having worked with the group’s strategy team, according to Avista’s  official website. Before his stint with the Tatas, Rajiv worked for an investment bank called 20th Century Finance. Rajiv and his brother Deepak Kochhar reportedly parted ways in the early 2000s, after jointly running Credential Finance, a firm they founded in the 1990s, according to the Business Standard. ICICI bank loan case It was reported that ICICI Bank borrowers, including Jaiprakash Associates and Jaiprakash Power, had hired the services of Rajiv’s firm, amid concerns over propriety and conflict of interest with regard to the Videocon loan matter. Among the other ICICI borrowers that are said to have hired Avista’s services are Videocon, GTL Infrastructure and Suzlon. A Jaypee Group spokesperson has confirmed hiring Avista for a debt restructuring exercise and said that a fee in line with market practices was paid, the PTI reported earlier this week. ICICI Bank on its part has denied any conflict of interest, saying it did not hire Avista Advisory Group and that it did not pay any fee. Reports have alleged that Dhoot invested Rs 64 crore in NuPower Renewables, a firm now owned by Deepak Kochhar. With inputs from agencies