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Chanda Kochhar appears before special PMLA court in money laundering case
Judge AA Nandgaonkar said it appeared that “Chanda Kochhar had misused her official position in granting loan to accused Dhoot and/or Videocon group companies”
Chanda Kochhar, former managing director of ICICI Bank, appeared before the special PMLA (Prevention of Money Laundering Act) court in connection with a money laundering case.
On January 30, the court had issued summons to Kochhar and other accused persons allegedly involved in the case that is being probed by the Enforcement Directorate (ED).
Judge AA Nandgaonkar, while taking cognizance of the ED’s charge sheet, had observed that from the submissions, written complaints and statements recorded under PMLA it appeared that “Chanda Kochhar had misused her official position in granting loan to accused Dhoot and/or Videocon group companies. And, she got illegal gratification /undue advantage through her husband.. through various companies for siphoning off money and proceeds of crime.
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Kochhar appeared before the special court on Friday morning in response to the summons and filed a bail application. The court then asked ED to respond to the bail plea, which is likely to be heard during the course of the day.
ED had, on November 3, 2020, filed a complaint against Kochhar, her husband Deepak Kochhar and Venugopal Dhoot and accused eight companies for their involvement in money laundering. ED started the probe after CBI registered a case of corruption against the Kochhars. CBI had, in 2017, initiated an inquiry against the couple after a whistleblower alleged that ICICI Bank had sanctioned credit facility of about ₹3,250 crores to various entities in contravention to the rules and policies.
In its first information report (FIR) registered in January 2020, CBI alleged that six high-value loans worth ₹1,875 crore were given by ICICI Bank to Videocon group companies between 2009 and 2011. It was alleged that in 2009, credit facility to Videocon was extended in contravention of rules and policy by the sanctioning committee. At that time Kochhar was one of the members of the committee.
Further, a loan of ₹300 crore was disbursed to M/s Videocon International Electronics Limited, a Videocon Group Company on September 7, 2009. It is alleged that an amount of ₹64 crore —out of the loan amount was transferred to M/s NuPower Renewables Pvt Ltd by Videocon Industries Limited (VIL) on September 8, 2009.
ED, which investigated the allegations, claimed that VIL transferred the money to NuPower Renewable Pvt Ltd (NRL) through Supreme Energy Private Limited (SEPL), which was later acquired by Pinnacle Energy, a family trust of Deepak Kochhar. The agency claimed that NRL was owned controlled and managed by him.
“The loan funds travelled from VIL to NRL through SEPL, but two intermediary companies were brought in, for purpose of layering. The proceeds of the crime of ₹64 crore, received by NRL, were utilised for purchase of properties,” ED has claimed.
