ED attaches Chanda Kochhar's properties worth Rs 78 crore

By Newsmeter Network  Published on  11 Jan 2020 5:13 PM GMT
ED attaches Chanda Kochhars properties worth Rs 78 crore

Mumbai: The Enforcement Directorate has attached assets worth Rs 78.15 crore belonging to former ICICI Bank head Chanda Kochhar and others as part of its probe into an alleged bank loan scam and money laundering case. The seizure comprises Rs 74.54 crore properties of Nupower Renewables Pvt. Ltd and a flat in Mumbai worth Rs 3.5 crore. The agency had already seized Rs 10.5 lakh earlier.

According to reports, the CBI’s Banking Securities and Fraud Cell had registered a case against Chanda Kochhar on January 22, 2019, for illegal sanctioning of loans. ICICI Bank had sanctioned a loan of Rs 1,875 crore to the Videocon group of companies during the tenure of Kochhar.

As per ED, Videocon International Electronics Limited transferred Rs 64 crore to NuPower, a company owned by her husband Deepak Kochhar just one day after the disbursement of the loan amount. The agency also found that Kochhar bought an apartment in Mumbai from one of the Videocon companies at a nominal price.

The accused have been charged under Section 120B (criminal conspiracy) and 420 (cheating and dishonestly inducing delivery of property) of the Indian Penal Code and Section 7 (public servant taking gratification other than legal remuneration) and 13 (criminal misconduct by a public servant) of Prevention of Corruption Act.

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