Latest news with #DeepakKochhar
Time of India
22-07-2025
- Business
- Time of India
ICICI-Videocon loan probe: PMLA appellate body upholds ED's property seizure in case against Chanda Kochhar
Live Events (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 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 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 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 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 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 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 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".
Indian Express
22-07-2025
- Business
- Indian Express
Rs 64-crore bribe, Churchgate flat ownership: Tribunal upholds ED's money laundering charge against Kochhars
An appellate tribunal has upheld a 2020 Enforcement Directorate (ED) order against former ICICI Bank CEO and MD Chanda Kochhar and her husband for giving loan to the Videocon group, observing a 'prima facie' case of money laundering that involved a flat in Mumbai's Churchgate and a Rs 64 crore bribe, which was used to acquire wind power farms. In its July 3 order, the tribunal said it found 'substance' in the ED's allegation of a quid pro quo arrangement linked to a Rs 300 crore loan sanctioned by ICICI Bank to Videocon Group of Companies in August 2009, just three months after Kochhar became its chief executive. The Appellate Tribunal under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 (SAFEMA) also said that both the transactions involving the property and the Rs 64 crore bribe amounted to 'proceeds of crime' and hence, ordered the attachment of the property, going against the earlier ruling of the Adjudicating Authority. Back in 2020, the ED had provisionally attached Flat No. 45 at CCI Chambers in Churchgate, the wind assets, and Rs 10.5 lakh in cash under the Prevention of Money Laundering Act (PMLA). However, the Adjudicating Authority had refused to confirm the attachment in November that year, prompting the ED's appeal to the tribunal – which has now ruled in its favour. The Rs 300 crore loan was sanctioned by ICICI Bank to Videocon International Electronics Ltd (VIEL), part of the Videocon Group. The loan was disbursed on September 8, 2009, and on the following day, VIEL transferred an amount of Rs 64 crore to NuPower Renewables Pvt Ltd (NRPL), a firm linked to Deepak Kochhar, Chanda Kochhar's husband. 'The amount of Rs.64 crores came to M/s NRPL was used for the benefit of Mr. Deepak Kochhar… (It) was utilized towards purchase of Wind Farm projects of 33.15 MW capacity while Mr. Deepak Kochhar was the Managing Director of the Company,' the appellate authority said in its order. The tribunal rejected Chanda Kochhar's claim that the loan to Videocon was sanctioned by a committee, not her, and thus she had no link to the Rs 64 crore transfer from the group to a company managed by her husband. While the Kochhars have argued that the Churchgate flat has belonged to them since 1995, the appellate tribunal order said 'facts on record gives a different picture'. While Deepak Kochhar and his brother initially purchased the flat, it was handed over to a Videocon Group entity in April 2009 to settle a loan, as it had been mortgaged. In 2016, the flat was transferred to a family trust of Deepak Kochhar for a consideration of Rs 11 lakh, it said. 'When the value of the Flat was Rs 5.25 Crores in the year 1995, the appreciated value must be many times in the year 2016. The Videocon Group of Industries alleged to have passed on benefit to the respondents and since the respondents have failed to justify the transaction at the meagre amount, the appellants have rightly taken it to be nothing but the proceeds of crime and accordingly attached the property,' the July 3 order said. The order also noted that the Kochhars had been associated with Videocon Group's promoter V N Dhoot since 1994-95. It also highlights Dhoot's links with multiple entities under the scanner, including NRPL, which he incorporated with Deepak Kochhar in 2008. 'It may be true that the issue will be determined by the Trial Court but we find a prima facie case against the respondents for commission of the offence of money laundering and, therefore, the Provisional Attachment Order is justified,' the July 3 order said. The ICICI Bank and Chanda Kochhar came under regulatory scrutiny after The Indian Express first reported on March 29, 2018 that Videocon Group promoter Venugopal Dhoot provided crores of rupees to a firm he had set up with her spouse, Deepak Kochhar, and two relatives, six months after the Videocon Group got Rs 3,250 crore as loan from ICICI Bank in 2012. In December 2017, the CBI had registered a preliminary enquiry into the sanctioning of the loan. In January 2019, the CBI booked the Kochhars, Dhoot and others, and said Chanda Kochhar had 'dishonestly' granted loans to the tune of hundreds of crores of rupees to the Videocon Group 'in contravention of rules and policy… by abusing her official position'. The ED had then registered a case based on the January 2019 CBI FIR. Aggam Walia is a Correspondent at The Indian Express, reporting on power, renewables, and mining. His work unpacks intricate ties between corporations, government, and policy, often relying on documents sourced via the RTI Act. Off the beat, he enjoys running through Delhi's parks and forests, walking to places, and cooking pasta. ... Read More
Indian Express
22-07-2025
- Business
- Indian Express
‘Prima facie' case of money laundering in Chanda Kochhar-Videocon case; ED order upheld
An appellate tribunal has said there was a 'prima facie' case of money laundering against former ICICI Bank CEO and MD Chanda Kochhar and her husband in a corruption case involving the Videocon Group, as it upheld a 2020 ED order attaching a Mumbai flat of the couple worth crores of rupees. The tribunal, in an order issued on July 3, said it finds 'substance' in the 'quid pro quo' allegation made by the Enforcement Directorate against Chanda Kochhar for sanction of a loan of Rs 300 crore to Videocon International Electronics Ltd (VIEL), as post this disbursal, a sum of Rs 64 crore was transferred by the Videocon Group to NRPL, a company of her husband Deepak Kochhar. The said loan was approved by a sanctioning committee of the ICICI Bank between June 2009 and October 2011, and Chanda Kochhar was a member of this panel, apart from being the MD and CEO of the private lending company. The ED case, based on a CBI FIR, claimed that Chanda Kochhar hatched a 'criminal conspiracy' to cheat ICICI Bank by 'abusing' her official position while sanctioning this amount. Chanda Kochhar, as per the probe agencies, got illegal gratification/undue benefit through her husband from VIL or Videocon Group promoter V N Dhoot. The ED had in January 2020 provisionally attached Kochhar's flat no 45, located in CCI Chambers at Churchgate in Mumbai, a property of NRPL, apart from Rs 10.5 lakh in cash, seized by the agency during searches on another company of Deepak Kochhar. The Adjudicating Authority of the Prevention of Money Laundering Act (PMLA) had in November 2020 refused to confirm the ED attachment, and consequently, the federal probe agency appealed before the appellate tribunal. 'It may be true that the issue will be determined by the Trial Court but we find a prima facie case against the respondents for commission of the offence of money laundering and, therefore, the Provisional Attachment Order (of the ED) is justified,' the Tribunal said. It said there was 'total inter-fixing of the work of the industries floated by Deepak Kochhar and even by the Videocon Group of Industries.' The tribunal rejected Chanda Kchhar's argument that she was 'not knowing the business affairs of her husband' and had pleaded ignorance in her submission. The respondent (Chanda Kochhar) was expected to conduct herself as per the rules and policy of the bank and could not have pleaded ignorance about the association and affairs of the husband, it said in an 82-page order. '…the sanction of a loan of Rs 300 crore by ICICI Bank to the Videocon Group of Industries, where Chanda Kochhar remained part of the committee, was against the rules and policy of the bank,' it said. The tribunal said the flat was purchased from the above-mentioned Rs 64 crore 'diverted' funds and hence was attached by the ED, calling it proceeds of crime. 'We do not find any illegality in that (ED) order, rather find perverse finding in the hands of the Adjudicating Authority on all the issues relevant to the case,' it said. The tribunal rejected Chanda Kochhar's argument that the decision to sanction the loan to Videocon Group of Industries was not by her but by a committee and, therefore, there was 'no link' between the sanction of the loan and the transfer of Rs 64 crore by the Videocon Group of Industries. 'The argument aforesaid was contested and we find that appellants (ED) have given complete chain of events to show how a case of money laundering is made out and before that a predicate offence (the CBI case),' it said. 'The provisional attachment order dated 10.01.2020 for the properties other than for Rs 10.5 lakh is confirmed,' it said while upholding the ED action.
India.com
22-07-2025
- Business
- India.com
Ex-ICICI Bank CEO Chanda Kochhar held guilty in Rs 640000000 bribery for approving Rs 300 Crore loan
In the ICICI Bank-Videocon loan case, the Appellate Tribunal under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act (SAFEMA) has found former ICICI Bank CEO Chanda Kochhar guilty of accepting a bribe of Rs 64 crore in exchange for approving a Rs 300 crore loan to the Videocon Group in 2009. This order overturns the earlier clean chit she received from the PMLA Adjudicating Authority and supports the Enforcement Directorate's (ED) provisional attachment of her assets, framing the transaction as a prima facie case of money laundering. Conflict Of Interest In Kochhar's Approval To Videocon The Tribunal showed a clear conflict of interest in Kochhar's approval of the loan. Shortly after disbursing the funds to a Videocon entity, Rs 64 crore was traced to NuPower Renewables Pvt. Ltd. (NRPL), a company promoted by her husband Deepak Kochhar. This sum was funneled via Supreme Energy Pvt. Ltd. (SEPL), which is reportedly linked to Videocon's promoter Venugopal Dhoot. While the Tribunal acknowledged that a final determination rests with the Trial Court, it concluded there was sufficient preliminary evidence to justify the attachment order under money laundering charges. The bench of the Appellate Tribunal, while delivering its findings, stated that it could not accept the justification offered by Chanda Kochhar for presiding over the committee meeting that sanctioned a Rs 300 crore loan to the Videocon Group, an entity she was familiar with. The tribunal observed that Kochhar could not claim ignorance of the relationship and, therefore, her participation in the loan sanctioning process was in clear violation of ICICI Bank's internal rules and policies. Rs 64 Crore Fund Diversion To NRPL The tribunal further noted that immediately after the disbursement of the Rs 300 crore loan, a sum of Rs 64 crore was diverted to NuPower Renewables Pvt. Ltd. (NRPL), where Deepak Kochhar, the respondent and husband of Chanda Kochhar, was managing the company. He held 95% stakes in Supreme Energy Pvt. Ltd. (SEPL), which in turn controlled NRPL. Notably, V.N. Dhoot resigned from SEPL on January 15, 2009, transferring control of the company to Deepak Kochhar. In its order, the tribunal criticized the Adjudicating Authority for ignoring evidence and instead relying on irrelevant considerations. It stated that the Authority had disproportionately focused on the shareholding structure of NRPL while overlooking the fact that Deepak Kochhar was the Managing Director and in full control of the company's operations. This was further supported by the statement of V.N. Dhoot recorded under Section 50 of the Prevention of Money Laundering Act (PMLA), 2002, wherein he categorically affirmed that Deepak Kochhar was running the affairs of the company. (With Inputs From ANI)
Scroll.in
22-07-2025
- Business
- Scroll.in
ICICI Bank's ex-CEO Chanda Kochhar held guilty of receiving Rs 64 crore bribe in Videocon loan case
An appellate tribunal under the Prevention of Money Laundering Act has declared ICICI Bank's former Managing Director Chanda Kochhar as guilty of accepting a bribe of Rs 64 crore in exchange for sanctioning a Rs 300 crore loan to the Videocon Group in September 2009, NDTV Profit reported on Tuesday. In its order on July 3, the tribunal also upheld the Enforcement Directorate's attachment of properties in the matter, according to CNBC-TV18. Chanda Kochhar had resigned from her post in October 2018 after questions were raised about a Rs 3,250-crore loan that the ICICI Bank had given the Videocon Group in 2012. In January 2020, the Enforcement Directorate attached assets worth Rs 78 crore belonging to her and her husband, Deepak Kochhar. The action was reversed by the PMLA Adjudicating Authority in November 2020. On July 3, the tribunal said that the day after the disbursement of the Rs 300 crore loan, Rs 64 crore was transferred by Videocon promoter VN Dhoot to NuPower Renewables, a company managed by Deepak Kochhar through Supreme Energy Private, reported CNBC-TV18. It added that the allegations made by the Enforcement Directorate stand 'because on paper ownership of M/s NRPL [NuPower Renewables] is shown to be of VN Dhoot but according to him also, the entire control of the company was of Deepak Kochhar'. During the proceedings, the Enforcement Directorate told the tribunal that Chanda Kochhar had failed to disclose a conflict of interest, CNBC reported. Accepting the central agency's submission, the tribunal said that the attached properties were proceeds of crime. The order overturned an earlier clean chit that Chanda Kochhar received from a PMLA Adjudicating Authority. In September 2020, Deepak Kochhar was arrested by the Enforcement Directorate and later released on bail. In December 2022, the Central Bureau of Investigation had arrested the Kochhars, alleging that ICICI Bank, under the leadership of Chanda Kochhar, sanctioned a Rs 3,250-crore loan to companies owned by the Videocon Group in violation of the Banking Regulation Act, the Reserve Bank of India rules and the credit policies of the private sector bank. In January 2023, the Bombay High Court ordered their release, saying that their arrests were not in accordance with the law. In February 2024, the High Court said that their arrest amounted to an abuse of power.
