MUMBAI: In a detailed order, a special Prevention of Money Laundering Act (PMLA) court has held that it appeared former CEO Chanda Kochhar had misused her official position in granting loans to V N Dhoot of Videocon group companies and got illegal gains through her husband Deepak Kochhar.
Taking cognisance of the Enforcement Directorate's chargesheet against the trio, the court said the material produced by the investigating agency constitutes offences under PMLA. "I am of the opinion that this material is sufficient to proceed against the accused persons," the court said. It also said ED was granted leave to continue with the investigation and take action as per the law.
While Deepak Kochhar is in custody, Chanda Kochhar and Dhoot will have to appear before the court on February 12.
Chanda Kochhar took charge of ICICI Bank as its managing director and CEO in May 2009, after which she allegedly illegally sanctioned loans to Videocon companies. The loans of Rs 1,875 crore to the companies allegedly turned into non-performing assets (NPA) in 2017 and caused losses to the bank. It is alleged in lieu of the loans, Chanda Kochhar received Rs 64 crore kickbacks through her husband's company Nupower Renewables from Videocon.
"The flat situated at CCI, Mumbai, was purchased by the family trust of Chanda Kochhar from proceeds of the crime for a minuscule sum of Rs 11 lakh, when its actual price was around Rs 5 crore," ED alleged.
Taking cognisance of the Enforcement Directorate's chargesheet against the trio, the court said the material produced by the investigating agency constitutes offences under PMLA. "I am of the opinion that this material is sufficient to proceed against the accused persons," the court said. It also said ED was granted leave to continue with the investigation and take action as per the law.
While Deepak Kochhar is in custody, Chanda Kochhar and Dhoot will have to appear before the court on February 12.
Chanda Kochhar took charge of ICICI Bank as its managing director and CEO in May 2009, after which she allegedly illegally sanctioned loans to Videocon companies. The loans of Rs 1,875 crore to the companies allegedly turned into non-performing assets (NPA) in 2017 and caused losses to the bank. It is alleged in lieu of the loans, Chanda Kochhar received Rs 64 crore kickbacks through her husband's company Nupower Renewables from Videocon.
"The flat situated at CCI, Mumbai, was purchased by the family trust of Chanda Kochhar from proceeds of the crime for a minuscule sum of Rs 11 lakh, when its actual price was around Rs 5 crore," ED alleged.
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1 Comment on this Story
 | Dinesh Jain11 hours ago After offence is proved, she must be punished physically publicly so as to send a clear message to other managers. |