Updated: November 4, 2020 10:54:41 pm
The sources said that in addition to Kochhar, her husband and Dhoot, at least seven other entities have been named in the complaint. (Express File Photo: Tashi Tobgyal)
The Directorate of Execution (ED) presented on Tuesday a complaint from the prosecution (charge sheet) along with “five trunks” of supporting documents, in its alleged money laundering case against Chanda Kochhar, former managing director and executive director of the bank ICICI, her husband Deepak Kochhar and Videocon Group chief Venugopal Dhoot, among others, before a special court in Mumbai.
“It is reported that the charge sheet is pending scrutiny of five trunks of original documents. The hint (that it was filed) is recorded, ”the court said.
According to the court, the case was postponed until November 11.
Sources said that in addition to Kochhar, her husband and Dhoot, at least seven other entities, including Nu Power Renewables Ltd, Videocon International Electronics Ltd (VIEL), Videocon Industries Ltd and Supreme Energy Pvt Ltd have been named in the prosecution lawsuit. by ED.
ED’s case against the Kochhar family concerns the alleged illegal sanction of loans of Rs 1,875 million by ICICI Bank to Videocon Group under Chanda Kochhar.
The ED found that the loans were rolled over and Videocon Industries Limited (VIL) and its group companies were sanctioned new loans totaling Rs 1,730 crore, and these loans were converted to NPA for ICICI Bank in June 2017.
The agency has alleged that a committee headed by Chanda Kochhar sanctioned a loan of Rs 300 crore to VIEL in 2009 and from this, at least Rs 64 crore was transferred by VIEL to NuPower Renewables, a company owned by Kochhar’s husband, on 8 September. one day after the bank disbursed the loan. The ED has also alleged that NuPower Renewables generated a net income of Rs 10.65 crore from these “tainted funds”.
So far, the agency has provisionally seized assets worth Rs 78.15 million from the Kochhar family, including an apartment at the posh CCI Chambers in South Mumbai, allegedly acquired by Kochhars through Videocon Group companies.
The agency arrested Deepak Kochhar on September 8 in connection with his money laundering case and he is currently in judicial custody.
In 2018, The Indian Express first reported that Dhoot provided millions of rupees to a company He had settled down with Deepak Kochhar and two relatives six months after the Videocon group obtained Rs 3,250 crore as a loan from ICICI Bank in 2012. The amount was part of the Rs 40,000 crore loan that the Videocon group obtained from a consortium of 20 banks. led by SBI.
Dhoot delivered Rs 64 crore in 2010 through a wholly owned entity to NuPower Renewables, which it had established with Deepak Kochhar and two of his relatives. He transferred ownership of the company to a trust owned by Deepak Kochhar for Rs 9 lakh, six months after receiving the loan from ICICI Bank.
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