In the ICICI-Videocon case, as per the provisional order under PMLA, the Enforcement Directorate has started attaching the assets belonging to former ICICI Bank CEO MD Chanda Kochhar and her husband Deepak Kochhar. Mrs. Kochhar has been accused of alleged money laundering, receiving illegal gratification, cheating and criminal conspiracy at the bank by the ED and CBI.
The Enforcement Directorate (ED) has now provisionally attached movable and immovable assets consisting of a flat, land, seized cash, plant and machinery of windfarm projects in Tamil Nadu and Maharashtra amounting to ₹78.15 Crores “in possession of accused Chanda Kochhar, Deepak Kochhar and the companies owned and controlled by Deepak Kochhar, under Prevention of Money Laundering Act, 2002 (PMLA) in ICICI Bank loan case,” it said on Friday.
FIR was filed by CBI for illegal sanctioning of loans amounting to Rs. 1875 crores to Videocon Group of Companies. “Investigations under PMLA revealed that loans were refinanced and new loan aggregating to ₹1,730 crores was sanctioned to M/s Videocon Industries Limited (VIL) and its group companies and these loans became Non Performing Assets (NPA) for ICICI Bank on 30.06.2017,” the ED said in a statement. Further, it was revealed that out of the loan of Rs. 300 crore granted to Videocon International Electronics limited, Rs. 64 crore was transferred to Nupower Renewable Private Limited. The loan was sanctioned by a committee headed by Chanda Kochhar.
“Investigation also revealed that Chanda Kochhar and her family acquired the apartment at Mumbai owned by one of the Videocon group Companies, by way of acquiring that Company through her family trust at a nominal price by creating book entries,” the agency added. Searches were carried out at the residence of Chanda Kochhar, she was quizzed multiple times along with her husband and Videocon director Venugopal Dhoot. In January, last year, the Central Bureau of Investigation (CBI) booked former ICICI Bank Ltd chief executive Deepak Kochhar and Venugopal Dhoot for criminal conspiracy and cheating.