ICICI Bank case: Special court accepts ED's complaint, summons Kochhars

While accepting the complaint, the court directed Chanda Kochhar, Videocon group MD Venugopal Dhoot and eight other companies to appear before it on Feb 12.

The Special PMLA court on Saturday issued summons to former ICICI Bank managing director (MD) Chanda Kochhar and other accused allegedly involved in money laundering case being probed by the Enforcement Directorate (ED).

Chanda Kochhar (PTI photo)

The special court on Saturday accepted the complaint filed by the Enforcement Directorate in connection with the money laundering allegations, also involving Chanda Kochhar's husband Deepak Kochhar.

While accepting the complaint, the court directed Chanda Kochhar, Videocon group MD Venugopal Dhoot and eight other companies to appear before it on February 12.

On November 3, 2020, the ED had filed a complaint against the Kochhars and Dhoot and also termed the eight companies among the accused as the money was allegedly laundered through these companies. The ED started the probe after the CBI registered a case of corruption against the Kochhars. The CBI had in 2017 initiated an inquiry against the couple after a whistleblower alleged that ICIC Bank had sanctioned credit facility of about ₹3,250 crores to various entities in contravention to the rules and policies.

In its FIR registered in January 2020, the 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, the credit facility to Videocon was extended in contravention of rules and policy by the sanctioning committee. At that time, Chanda 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.

The ED, which investigated the allegations, claimed, the 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 the NRL was owned, controlled and managed by Deepak.

“The loan funds travelled from the VIL to the NRL through the SEPL, but two intermediary companies were brought in for layering. The proceeds of crime of ₹64 crores, received by the NRL were utilized for the purchase of properties,” the ED has claimed.