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.
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.