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ED attaches Rs 78-cr worth assets of former ICICI chairman and her husband

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The Enforcement Directorate (ED), on Friday has attached Rs.78.15 crore worth movable and immovable assets in possession of ICICI Bank’s former Managing Director and CEO, Chanda Kochhar, her husband Deepak Kochhar and the companies owned/controlled by him.

 

A provisional order under the Prevention of Money Laundering Act 2002 (PMLA) has been issued for the attachment of properties like flat, plant, and machinery of wind farm project based in Tamil Nadu and Maharashtra, totaling Rs 78.15 crore.

 

The ED said its probe had revealed that loans were refinanced and new loans aggregating to Rs 1,730 crore sanctioned to Videocon Industries Ltd (VIL) and its group companies and these loans became non-performing assets (NPA) for ICICI Bank on June 30, 2017.

 

Investigation further revealed that Rs 64 crore, out of loan amount of Rs 300 crore sanctioned by a committee headed by Chanda Kochhar to Videocon International Electronics Ltd, was transferred to Nupower Renewables Pvt Ltd (NRPL, earlier known as NuPower Renewables Ltd, a company of Deepak Kochhar) by VIL on September 8, 2009, just one day after disbursement of loan by the ICICI Bank.

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