Videocon case: ED attaches property worth R.78 crore of former ICICI bank CEO, husband

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NEW DELHI: The Enforcement Directorate on Friday attached the properties with a book value of Rs.78 crore belonging to former former ICICI Bank managing director and chief executive officer Chanda Kochhar and her family in connection with the Videocon case, said a news agency report.

 

According to ANI, the attached assets included her flat in Mumbai and some properties of the company of her husband Deepak Kochhar, reported ANI.

Though the value of the assets in the ED list is estimated at around Rs 100 crore, the market value of these assets may go past around Rs 800 crore, according to a Fitstpost report. The ED is expected to issue the provisional attachment order of proceeds of the crime under Prevention of Money Laundering Act (PMLA), the report added.

In May last year, the ED had widened its probe into a total of 24 loans aggregating Rs 7,862 crore that ICICI Bank-led consortium issued to Videocon Group when Chanda Kochhar was managing director and chief executive officer of the bank.

The ED had in April last year summoned Kochhar and Deepak besides her brother-in-law Rajiv Kochhar in connection with the Videocon money laundering case.

The ED believed that the loans were issued “illegally and criminally” to Venugopal Dhoot-led Videocon Group. The loans were allegedly sanctioned by ICICI Bank to Videocon Group companies between May 2009 and June 2017.               

Image Credit: ANI

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