New Delhi: The enforcement directorate (ED) has started searches at two places in connection with the Videocon-ICICI Bank deal case.

The ED on Friday raided the houses of ICICI Bank’s former MD and chief executive Chanda Kochhar and Videocon chief Venugopal Dhoot. According to the investigators, raids have been conducted in Mumbai and Aurangabad.

Also read: CBI issues lookout circulars against Chanda Kochhar, 2 others

The ED has registered a case naming Kochhar and her husband Deepak Kochhar after the Central Bureau of Investigation (CBI) registered a criminal case in the deal which took place between ICICI and Videocon regarding a loan.

Later, after the approval of the loan, a hefty amount was transferred to Kochhar’s huband’s company by Videocon.

“ED is conducting searches under PMLA (Prevention of Money Laundering Act) at the premises of former chief executive of ICICI Bank Chanda Kochhar and Venugopal Dhoot of Videocon group in Mumbai and Aurangabad respectively,” the ED said.

Also read: Chanda Kochhar, facing conflict of interest charges, quits ICICI Bank

While the CBI is looking for a criminal angle in the case, the ED is investigating allegations of money laundering.

On January 24, the CBI registered a case against Kochhar’s businessman-husband Deepak and Videocon MD Dhoot in a case of alleged irregularities in the sanctioning of loans by the bank.

Kochhar had quit the ICICI Bank on October 4 last year in the wake of allegations that she had favoured Videocon in the lending processes because the consumer electronics company's founders had invested in a company of her husband.

The CBI and ED’s initial investigation has revealed that from June 2009 to October 2011, the ICICI Bank had allegedly sanctioned six high-value loans to various Videocon group’s companies.

Kochhar had taken over as the managing director of the ICICI Bank on May 1, 2009. The companies Nupower Renewables Limited (NRL) and Supreme Energy Private Limited (SEPL) have also been named in the case.

It is also alleged that Dhoot had invested a large amount of funds in the Deepak-owned Nupower months after the Videocon group received Rs 3,250 crore as loan from the ICICI Bank in 2012.