ED files chargesheet against ex-ICICI Bank chief Chanda Kochhar, her husband

The Enforcement Directorate (ED) has filed a chargesheet in a Mumbai courtroom towards former ICICI Bank chief Chanda Kochhar, her husband Deepak Kochhar and Videocon Group MD Venugopal Dhoot in a fraud case.

The courtroom is but to take cognizance of the chargesheet. According to individuals quoted by information company PTI, the chargesheet or the prosecution criticism was filed on Tuesday beneath the Prevention of Money Laundering Act (PMLA).

The ED had launched a probe into cash laundering after the Central Bureau of Investigation (CBI) registered a case of corruption towards the Kochhars. The CBI had initiated an inquiry in 2017 towards the couple after allegations surfaced that ICICI had sanctioned a credit score facility of about Rs 3,250 crore to varied entities in contravention to the principles and insurance policies.

The ED had earlier arrested Deepak Kochhar in September and a particular Prevention of Money Laundering Act (PMLA) courtroom had remanded him to the central company’s custody until October 17.

Money laundering costs have been slapped towards the Kochhars and their enterprise institutions by the ED for “illegal sanctioning of loans amounting to Rs 1,875 crore to the Videocon Group of companies”.

In its FIR registered in January final yr, CBI had alleged that six high-value loans price Rs 1,875 crore got by ICICI Bank to Videocon group corporations between 2009 and 2011. It was alleged that in 2009, a credit score facility to Videocon was prolonged in contravention of guidelines and insurance policies by the sanction committee. At that point Chanda Kochhar was one of many members of the sanction committee.

Further, a mortgage of Rs 300 crore was disbursed to M/s Videocon worldwide electronics restricted, a Videocon Group Company, on September 7, 2009. It is alleged that an quantity of Rs 64 crore – out of a mortgage of Rs 300 crore – was transferred to M/s NuPower Renewables Pvt Ltd by Videocon Industries Limited (VIL) on September 8, 2009.

The ED probed the allegations and stated that VIL transferred the cash to NuPower Renewables Pvt Ltd (NRL) by way of Supreme Energy Private Limited (SEPL), which was later acquired by Pinnacle Energy, a household belief of Deepak Kochhar’s. The company additionally claimed that NRL was owned, managed and managed by Deepak Kochhar.

“The loan funds travelled from VIL to NRL through SEPL, but two intermediary companies were brought in for purpose of layering. The proceeds, Rs 64 crore, received by NRL were utilised for the purchase of properties,” ED claimed in its remand software whereas looking for Deepak Kochhar’s custody in September.

The federal company additionally claimed, “A residential property, an apartment at CCI Chambers was purchased for Rs 5.25 crore on February 19, 1996 by Credential Finance Limited (CFL) (A company in which Videocon Group had substantial interest along with Deepak and Chanda Kochhar and their family). CFL defaulted in repayment of the loan of Rs 4.7 crore availed from SBI (for which the said apartment was placed as security). Videocon paid off the dues in 2009, the ownership of the apartment was transferred to M/s Quality Appliances Pvt Ltd (QAPL), now known as M/s Quality Techno Advisors Pvt Ltd (QTAPL), a Videocon group company) from CFL. On November 26, 2016, total shareholding of QTAPL was acquired by Quality advisors (a family trust of Deepak Kochhar’s set up by Chanda Kochhar’s mother) for a nominal consideration of Rs 11 lakh.”

(With company inputs)