ICICI-Videocon loan probe: PMLA appellate body upholds ED's property seizure in case against Chanda Kochhar
(You can now subscribe to our
(You can now subscribe to our Economic Times WhatsApp channel
The Appellate Tribunal under the Prevention of Money Laundering Act has allowed the seizure of properties in a case involving former ICICI Bank chief executive Chanda Kochhar , her husband Deepak Kochhar and Videocon Group promoter Venugopal Dhoot , overturning a ruling of the Adjudicating Authority to release those.In its order on an appeal filed by the Enforcement Directorate that had attached the properties, the tribunal held that the Adjudicating Authority "ignored crucial evidence" and based its ruling on "irrelevant considerations", particularly on the role of Deepak Kochhar in managing NuPower Renewables (NRPL) and a Rs 64 crore loan that the company received from Videocon-linked entities.According to the investigating agencies - ED and the CBI - this ₹ 64 crore was a quid pro quid for helping the Videocon Group get a loan from ICICI Bank where Deepak Kochhar's wife was a top executive. The Kochhars and Dhoot have denied the allegations.The tribunal said the Adjudicating Authority placed undue emphasis on the shareholding structure of NRPL while overlooking material facts, including the control exercised by Deepak Kochhar as its managing director. On paper, the transfer of funds to NRPL may have been shown as from one Videocon Group company to another, "but if the veil is lifted, the affairs were under control of Deepak Kochhar", the tribunal said in its order pronounced recently.The tribunal ruled that the property transactions, including the transfer of a flat at CCI Chambers in South Mumbai were "nothing but proceeds of crime ". It noted that the flat purchased by a Videocon-linked entity for ₹3.25 crore was transferred to a family trust associated with Deepak Kochhar for just ₹11 lakh.It rejected the defence's claim that the sanctioning of the loan to the Videocon Group was a collective decision at ICICI Bank, saying that Chanda Kochhar's active role, lack of disclosure and urgency in approving the loan raised serious concerns. It said as per rules, Chanda Kochhar should not have attended the meeting of a committee that cleared the loan, but she not only participated but also sanctioned the loan under the urgent category."This is taken to be nothing but commission of crime which includes even the offence under Section 420 IPC (cheating and dishonestly inducing delivery of property)," the order states.It upheld the Adjudicating Authority's decision declining to confirm the attachment of ₹ 10.5 lakh seized during a raid on a Kochhar-linked company but confirmed the provisional attachment of all other properties.Holding that it did not find any illegality in the attachment, the tribunal said it "rather find perverse finding in the hands of the Adjudicating Authority on all the issues relevant to the case".
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
37 minutes ago
- Time of India
Why no probe if a petition filed, HC asks joint CP
Mumbai: The Bombay High Court has directed the joint commissioner of police (law and order) to show provisions of law that prohibit investigating officers from conducting investigations only because of petitions filed by accused persons. "It clearly gives an impression that investigating officers are either not serious in investigating the crimes or, with a view to shrug off the lawful responsibility, are adopting such sham and/or moonlight pleas before the courts," said Justices Ajey Gadkari and Rajesh Patil in an order passed on Wednesday. They were hearing petitions by two persons to quash an Oct 23, 2023 FIR registered against them by Goregaon police station under IPC sections, including for criminal breach of trust and cheating. The judges said the "record of the present case shocks the conscience of this court." To their query, the prosecutor, after taking instructions from the investigating officer, police inspector Satish Umare, submitted that the investigation is being conducted. However, he said due to the pendency of the present petitions, it is not concluded, and as a consequence, the chargesheet is not filed. "The aforesaid submission on behalf of the state is contrary to all fundamental principles of investigation and law of the land," the judges said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Oldest Actors in the World. Reportingly Undo You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai They noted that both the petitions were filed in Nov 2023, and the HC had not granted interim relief of any nature in favour of the petitioners. "We are regularly coming across such sorts of pleas by the prosecution," they said. The judges mentioned examples of the police not conducting investigations; "petition is filed" and "consent terms are filed before the trial court in anticipatory bail applications" and "other palpably specious pleas. " Therefore, they deemed it appropriate to direct the joint CP to file his detailed reply to the petitions within a week. If he "comes to a conclusion that the investigating officer(s) have deliberately not conducted the investigation only with a view to help the accused, then what necessary action he will adopt against the concerned shall be stated in the affidavit," the judges directed. Adjourning the hearing to Aug 6, they also directed him "not to delegate his powers to any subordinate officer while filing the reply. "
Time of India
38 minutes ago
- Time of India
Doctor loses Rs 1 crore in cryptocurrency scam
Thiruvananthapuram : A city-based doctor lost Rs 1.01 crore in a cryptocurrency trading scam. According to police, the accused dealt with the 56-year-old doctor residing at Kannammoola with utmost professionalism, leaving no room for any suspicion. The fraud began in Jan this year, and the doctor transferred the amount in 20 different transactions from Jan 24 until May 15. The doctor was first contacted on WhatsApp by a person who introduced herself as a doctor, claiming that she was into trading and she was able to earn an amazing profit from it. To verify her profession, the victim asked some questions and she responded accordingly, leaving no room for any suspicion, police said. The woman then shared some links and directed the victim to try it by investing a small amount. A login ID and password were created on a site to monitor his investments and he was made to believe that the system works on AI. The doctor invested a small amount initially, and he gained double the amount in return. Gradually, he raised the investments and could see on the site that huge amounts were added to his account. The accused directed him not to withdraw the amount but to invest more money so he would get a huge profit. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Treatment That Might Help You Against Knee Pain Knee pain | search ads Find Now Undo After paying Rs 1.01 crore, the doctor wanted to withdraw the amount, but the accused directed him to pay 30% of the profit as income tax as per a law in the US. This raised some suspicion and he sought expert opinion only to find that it was a scam, police said. On the complaint of the victim, city cyber police began a probe after registering a case under Bharatiya Nyay Sanhita sections 318 (4) for cheating and 319 (2) for cheating by personation and also under Section 66 (D) of the Information Technology Act.
Time of India
38 minutes ago
- Time of India
We've one: Karnataka counters AP's first quantum computer claim
Bengaluru: A battle over quantum computing bragging rights has erupted between Andhra Pradesh and Karnataka after Andhra CM N Chandrababu Naidu claimed his state would deploy India's first indigenously built 8-qubit quantum computer" in Amaravati by Nov. Karnataka was quick to respond, asserting that the country's first operational quantum computer is already live in Bengaluru. In his rebuttal, Karnataka science and technology minister NS Boseraju said the 25-qubit quantum computer, named Indus and built by Bengaluru-based QpiAI, has been providing commercial services since April 2025. "For the record, India's first quantum computer—built indigenously by @QpiAI right here in Bengaluru—began commercial operations in April 2025," he said in a statement. "This 25-qubit quantum computer, named Indus, is already delivering real-world services in sectors such as healthcare, defence, advanced research, finance, and others," he added. You Can Also Check: Bengaluru AQI | Weather in Bengaluru | Bank Holidays in Bengaluru | Public Holidays in Bengaluru Naidu, in a July 24 post on X, had stated: "Our state is set to deploy India's first indigenously built 8-qubit quantum computer this Nov in Amaravati, with support from @QpiAI. This initiative, backed by the National Quantum Mission, aims to transform agriculture, water management, and healthcare. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Top 15 Prettiest Icons In The History The Noodle Box Undo I would like to congratulate QpiAI founder Mr Nagendra Nagarajan and express my gratitude to @nqmdst for their support of this project. " State leading in innovation, says tech minister Boseraju dismissed the notion that AP was leading the quantum race. "Karnataka is not only leading the nation in quantum innovation but also continues to strengthen its position as the epicentre of India's quantum future," he said. "While celebrating our progress, we must also cultivate a culture of considering facts and figures," he added. He also noted that India's first Quantum Research Park has been established at the Indian Institute of Science, Bengaluru, with the Karnataka cabinet approving Rs 48 crore for its second phase. "Several initiatives are underway to ensure the holistic growth of the quantum sector in Karnataka," he said.
