Latest


ED attaches Rs.78.15 cr assets of Chanda Kochhar, family

  •   Sat, Jan 11 2020 08:32:15 AM

Chennai, Jan 11 (IANS): The Enforcement Directorate (ED) on Friday said it has provisionally attached Rs.78.15 crore worth movable and immovable assets in possession of ICICI Bank's former Managing Director and CEO, Chanda Kochhar, her husband Deepak Kochhar and the companies owned/controlled by him.

According tothe ED, the asset attachment is under the Prevention of Money Laundering Act 2002 (PMLA) in the ICICI Bank loan case.

The assets attached are flats, land, cash, plant and machinery/windfarm projects in Tamil Nadu and Maharashtra totalling Rs.78.15 crore.

The ED said its probe had revealed that loans were refinanced and new loan aggregating to Rs 1,730 crore sanctioned to Videocon Industries Ltd (VIL) and its group companies and these loans became non-performing assets (NPA) for ICICI Bank on June 30, 2017.

Investigation further revealed that amount of Rs 64 crore, out of the loan of Rs 300 crore sanctioned by a committee headed by Chanda Kochhar to Videocon International Electronics Ltd, was transferred to Nupower Renewables Pvt Ltd (NRPL, earlier known as NuPower Renewables Ltd, a company of Deepak Kochhar) by VIL on September 8, 2009, just one day after disbursement of loan by the ICICI Bank.

Further, net revenue of Rs 10.65 crore were generated by NRL from these tainted funds. Therefore, proceeds of crime amounting to Rs 74.65 crore were transferred to/generated in NRPL.

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.

Accordingly, assets amounting to Rs. 74.54 crores held in the name of Nupower Renewables Pvt. Ltd, its subsidiaries, the flat located at Mumbai (book value of Rs. 3.5 crores), and amount of Rs. 10.5 lakh already seized by ED from company of Deepak Kochhar, totalling to Rs. 78.15 crores being proceeds of crime have been provisionally attached by ED under PMLA.

Further investigation in this case is under progress.
  

Top Stories

Mangaluru: Saree Palace launches ‘Big Week Sale’ with discounts up to 50%

  •   10 hours ago    1

Lifeline Surgicare, Kankanady: A trusted partner in patient care

  •   11 hours ago    2

Comment on this article

  • Sudesh pai, MANIPAL

    Sat, Jan 11 2020

    A banker having crores of properties then a peon will have in lakhs in fact banks have starting customers to a large extent the loot starts from a nominal account then spreads like cancer

    DisAgree Agree Reply Report Abuse


Leave a Comment

Title: ED attaches Rs.78.15 cr assets of Chanda Kochhar, family



You have 2000 characters left.

Disclaimer:

Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Daijiworld.com will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will Daijiworld.com be held responsible.

You might also like