ED attaches Rs 600 crores assets of ex-ICICI Bank Chairman Chanda Kochhar and her bribe receiver husband and his companies

Chanda Kochhar and her husband find themselves stripped of several assets as ED moves to attach them

Chanda Kochhar and her husband find themselves stripped of several assets as ED moves to attach them
Chanda Kochhar and her husband find themselves stripped of several assets as ED moves to attach them

The Enforcement Directorate (ED) cracks whip on the tainted former ICICI Bank Chief Chanda Kochhar and her husband Deepak Kochhar by attaching their assets worth book value of Rs.78 crores including her flat worth Rs.3.5 crores in Mumbai on Friday. As the book value is Rs.78 crores, the current market values of these assets are expected to cross Rs.600 crores, say experts. Glamour lady banker Chanda Kochhar’s corruption and commission taking through husbands’ firm was brought to limelight first by PGurus on March 25, 2018 – it was a stunning expose of PGurus by publishing the detailed complaint filed by small investor protection forum head Arvind Gupta. Two years ago Gupta filed complaint to all agencies on the bribery and illegalities of Chanda Kochhar and allotment of loans to debt-ridden Videocon Group and none were acting against the lady banker protected by none other than Finance Ministers P Chidambaram and Arun Jaitley.

PGurus exposé shook up the status quo, leading to the resignation of Chanda Kochhar[1].

On Friday ED issued a provisional attachment order of her and co-accused husband’s assets.  A provisional order under the Prevention of Money Laundering Act (PMLA) has been issued for attachment of properties like flat, land, and plant and machinery of a wind farm project based in Tamil Nadu and Maharashtra.

These assets, the Enforcement Directorate (ED) said in a statement, are “in possession” of Kochhar, her husband Deepak Kochhar and the companies owned and controlled by him. While the book value of these assets is Rs.78.15 crores, officials said their market value is about Rs.600 crores. After the Central Bureau of Investigation (CBI) registering case, the ED slapped money laundering charges against the banker and bribe receiver husband and their business entities in January last year for “illegal sanctioning of loans amounting to Rs.1,875 crores to the Videocon Group of companies.”

The probe found, the ED said, that an amount of Rs.64 crores, out of the loan amount of Rs.300 crores sanctioned by a committee headed by Chanda Kochhar to Videocon International Electronics Limited,

was transferred to Nupower Renewables Pvt Ltd (NRPL) by Videocon Industries Limited on September 8, 2009, just a day after disbursement of loan by ICICI Bank.  NRPL was earlier known as NuPower Renewables Limited (NRL) and is a company of Deepak Kochhar.

References:

[1] ICICI Bank head Chanda Kochhar and husband on the radar of probe agencies for doubtful loans to debt-ridden Videocon Group? Mar 25, 2018, PGurus.com

Team PGurus

5 COMMENTS

  1. My pranams to Arvind Gupta for coming out boldly & pray for his long life. Luckily for Arvind Gupta who has take care while driving or driven by anyone, for Khangress style killings can happen – helicopter or flight accident or car crash – all patented styles of Khangress.
    It is no surprise that BJP has its own skeleton leaders who are protecting the corrupt.

  2. Yes I appreciates the efforts of Pguru because complain of Arvind Gupta alone would have not exposed the truth. I appreciate efforts of Arvind Gupta who did courage to raise the voice and you provided the right direction. There will be many such truth which are still lying in the dark room.

    As well said that behind financial fraud there are always some influential persons involved which in this case was also proved. Firstly all the board members denied the allegation on the MD&CEO latter things became clear. ET dated 31-1-2019 reported that “For more than a year, the board of directors sat on a whistleblower’s complaint. Worse still, when the media started asking questions, Chairman Mahendra Kumar Sharma gave Kochhar a hasty vote of confidence in March last year. Finally, when it became clear to everyone except the board that her continuing at the bank was a problem, it ordered an inquiry by a retired judge. Even then, Kochhar agreed only to go on leave. Shortly afterwards, Sharma finished his term and was gone.”
    When we go back and read this we feel investors are fools to rely on their representatives because they are busy saving their own name and fame fooling the shareholders.

  3. Roles played by Chidambaram & Daku Manmohan should be deeply investigated.

    Unconfirmed rumors claim Chanda’s & Manmohan’s progenies studying in the US & Europe hold a lot of Benami properties there – belonging to Manmohan, Chidu, Italian Mafia Queen

    Confiscation, Attachment, Seizure of Properties are fine.

    But due focus should be on Criminal Prosecution too

    Modi’s ‘corruption – free’ Administration is commendable

    But Modi’s war on the ‘corrupt’ is NOT up to satisfactory levels
    Why Manmohan was not charged at all?
    Why is Chidambaram roaming free?
    Why Sharad Pawar was obliged with an AWARD???!!!
    What happened to the 1 Tr. Irrigation Scam by Ajit Pawar???!!!

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