Chanda Kochhar appears to have misused her post: PMLA court

MUMBAI: In a detailed order, a special Prevention of Money Laundering Act (

PMLA

)

court

has held that it appeared former ICICI Bank CEO Chanda

Kochhar

had misused her official position in granting

loans

to

V N Dhoot

of Videocon group companies and got illegal gains through her husband, Deepak Kochhar.


Taking cognisance of the Enforcement Directorate’s chargesheet against the trio, the court said the material gathered and produced by the investigating agency constitutes offences under PMLA. “I am of the opinion that this material is sufficient to proceed against the accused persons,” the court said.

The court also said ED was granted leave to continue with the ongoing investigation and to take action as per law. While Deepak Kochhar is in custody,

Chanda

Kochhar and Dhoot will have to appear before the court on February 12.

Chanda Kochhar took charge of ICICI Bank as its managing director and CEO in May 2009, after which she allegedly illegally sanctioned loans to Videocon group companies. The loans of Rs 1,875 crore to the Videocon group companies allegedly turned into non-performing assets (NPA) in 2017 and caused losses to the bank.

It is alleged in lieu of the loans, Chanda Kochhar received Rs 64 crore kickbacks through her husband’s company Nupower Renewables from the Videocon group.

ED has alleged that Chanda Kochhar and her family had “enjoyed facilities” from the co-accused Dhoot. “The flat situated at CCI, Mumbai, was purchased by the family trust of Chanda Kochhar from proceeds of the crime for a minuscule sum of Rs 11 lakh, when the actual price of the flat was around Rs 5 crore,” ED alleged.