MUMBAI: The Direction of execution on Tuesday he filed a charge sheet against the former CEO of ICICI Bank Chanda kochhar, its husband Deepak and promoter of Videocon Venugopal Dhoot before a special court here.
A special Prevention of Money laundering law (PMLA) has not yet taken notice of the charge sheet.
ED filed the charge sheet in the case within the stipulated period of 60 days after arresting Deepak on September 7. He is in judicial custody.
A ED Officer of Delhi filed the charge sheet with the court. He filed a notice of filing the prosecution’s complaint against Deepak and ten others. The court was told that the charge sheet is pending scrutiny, as it contains five trunks of original documents.
Chanda, who took over as Managing Director and CEO of ICICI in May 2009, was alleged to have illegally sanctioned loans to Videocon group of companies. ICICI Bank’s loans of Rs 1,875 crore to Videocon became non-performing assets in 2017, causing the bank to lose. It was alleged that instead of loans, Videocon transferred Rs 64 crore to Nupower Renewables Pvt Ltd. of Kochhar, ED said they had established the money trail. Officials said in one case, ICICI Bank disbursed a loan of 300 million rupees to a Videocon company and within 48 hours, 64 million rupees was transferred to Nupower Renewables through transaction layers.
ED also alleged that Videocon sold them CCI Chambers Apartment, where Kochhars lives, at a nominal price. The apartment was purchased in 1996 for Rs 5.2 crore on behalf of Credential Finance Ltd, in which Videocon had a substantial stake together with Chanda and Deepak. The company defaulted on a 4.7 million rupee loan from SBI Home Finance, for which the apartment was placed as collateral. In 2009, Videocon paid SBI fees and transferred ownership of the apartment to its group company, Quality Appliances Pvt Ltd. In 2016, all shares in Quality Appliances were acquired by Deepak’s trust, Quality Advisors, for Rs 11 lakh , and he became the owner of the apartment.
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