The Enforcement Directorate (ED) is conducting searches at premises of former ICICI Bank MD and CEO Chanda Kochhar and Videocon managing director Venugopal Dhoot, embroiled in a quid pro quo case.
Officials said the raids are being carried out in at least five office and residential premises in Mumbai and a few other locations.
The agency, in a statement, said it is "conducting searches under PMLA at the premises of Chanda Kochhar, former chairman ICICI Bank, and Venugopal Dhoot of Videocon Group in Mumbai and Aurangabad respectively."
A team of ED sleuths, assisted by the police, is looking for more evidences in the case and the raids were launched early Friday morning, an official said.
The ED's PMLA case was filed after taking cognisance of a CBI complaint lodged in the matter last month.
The raids come days after the CBI issued lookout circulars (LOCs) against Chanda Kochhar, her husband Deepak Kochhar and Dhoot.
Reportedly, the Enforcement Directorate (ED) is extending the probe to check for possible forex rules violations in the ICICI Bank corruption case.
The ED is looking to investigate assets the couple built and possessed, including their South Mumbai apartment. It is expected that the couple will be quizzed on their tax details by the ED.
An FIR has been registered against the Kochhars, Dhoot and others in the Rs 3,250-crore loan case involving the ICICI Bank and Videocon Group. It is alleged that Videocon's Dhoot allegedly invested crores of rupees in Deepak Kochhar's Nupower, months after the Videocon group got Rs 3,250 crore as loan from the ICICI Bank in 2012. The agency had registered a preliminary enquiry against Dhoot, Deepak Kochhar and unidentified others in March last year.