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ED files first chargesheet against Kochhars, Dhoot in ICICI-Videocon case

It slapped money laundering charges against the Kochhars and their business entities for "illegal sanctioning of loans amounting to Rs 1,875 crore to the Videocon Group of companies"

Topics
icici videocon loan case | Deepak Kochhar | Chanda Kochhar

Press Trust of India  |  Mumbai 

Deepak Kochhar
Former ICICI Bank chief Chanda Kochhar’s husband Deepak Kochhar

The (ED) has filed its first chargesheet against former ICICI Bank CEO and MD Chanda Kochhar, her husband and Videocon Group promoter Venugopal Dhoot on money laundering charges, official sources said on Wednesday.

They said the chargesheet or the prosecution complaint has been filed under the Prevention of Money Laundering Act (PMLA). It was filed before a special court in Mumbai on Tuesday and the court is yet to take cognisance of it, sources said.

The central probe agency had arrested in September after it filed a criminal case of money laundering after studying an FIR registered by the CBI against the Kochhars, Dhoot and others.

It slapped money laundering charges against the Kochhars and their business entities for "illegal sanctioning of loans amounting to Rs 1,875 crore to the Videocon Group of companies".

The ED had earlier said an amount of Rs 64 crore, out of the loan amount of Rs 300 crore sanctioned by a committee headed by 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

The agency had alleged that the "net revenue of Rs 10.65 crore was generated by NRL from these tainted funds".

"Therefore, proceeds of crime amounting to Rs 74.65 crore were transferred to or to say generated in NRPL," the ED had claimed.

These facts have been mentioned in the first chargesheet filed by the agency in this case, sources said.

The ED, early this year, also attached assets -- including a Mumbai flat in which the couple lived, land, and plant and machinery of a windfarm project based in Tamil Nadu and Maharashtra -- valued atRs 78 crore "in possession of" Chanda Kochhar, Deepak Kochhar and the owned and controlled by him.

It had said and her family "acquired" the Mumbai apartment, owned by one of the Videocon Group companies, by way of "acquiring that company through her family trust at a nominal price and by creating book entries."

The couple has been questioned by the central probe agency multiple times in the past at its offices in Mumbai and Delhi.

The CBI, in its FIR, had named Chanda Kochhar, Deepak Kochhar, Dhoot and his -- Videocon International Electronics Ltd (VIEL) and Videocon Industries Limited (VIL).

It also named Supreme Energy, a company founded by Dhoot, and Nupower Renewables, a company controlled by Deepak Kochhar, in its FIR.

The CBI slapped sections of the Indian Penal Code related to criminal conspiracy, cheating and provisions of the Prevention of Corruption Act on all the accused.

The CBI alleged that Dhoot had invested in Deepak Kochhar's company Nupower through his firm Supreme Energy, a quid pro quo to loans cleared by ICICI Bank after took over as the CEO of the bank on May 1, 2009.

The ownership of Nupower and Supreme Energy changed hands through a complex web of shared transactions between Deepak Kochhar and Dhoot, the CBI had alleged.

During its preliminary enquiry, the CBI found that six loans worth Rs 1,875 crore were sanctioned to the Videocon Group and associated with it between June, 2009 and October, 2011 in alleged violation of laid-down policies of ICICI Bank.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Wed, November 04 2020. 21:55 IST
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