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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
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)
New Indian Express
22-07-2025
- Business
- New Indian Express
Chanda Kochhar found guilty of accepting a Rs 64 crore bribe in ICICI-Videocon loan case
CHENNAI: In a significant development 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 Rs 64 crore bribe in exchange for sanctioning a ₹300 crore loan to the Videocon Group in 2009. The tribunal, according to reports, in its order dated July 3, 2025, established that the payment was a clear quid pro quo, linking the disbursement of the loan to benefits received by Kochhar's husband through his firm, NuPower Renewables Pvt Ltd. The tribunal overturned a previous order issued by the adjudicating authority under the Prevention of Money Laundering Act (PMLA), which had in November 2020 ordered the release of assets worth Rs 78 crore belonging to Kochhar. The latest ruling described the earlier decision as flawed, stating that it was based on 'irrelevant considerations' and had 'ignored material facts.' According to the tribunal's findings, the ₹64 crore was routed through Supreme Energy Pvt Ltd into NuPower, a company owned and controlled by Deepak Kochhar, Chanda Kochhar's husband. Though NuPower was initially held in the name of Videocon Group promoter Venugopal Dhoot, the tribunal accepted Dhoot's recorded PMLA statement that it was Deepak Kochhar who maintained full control over the entity. The fund transfer took place just one day after the Rs 300 crore loan was disbursed to Videocon International Electronics Ltd.
United News of India
25-06-2025
- United News of India
J&K Police attach Rs 1 cr property of drug peddler in Srinagar
Srinagar, June 25 (UNI) The Jammu and Kashmir Police today attached a residential property comprising a two-storeyed house along with adjoining land worth approximately Rs 1 crore, of an alleged drug peddler in Srinagar district. Police identified the drug peddler as Pervaiz Ahmad Bhat, a resident of Takanwari, Karnabal. He is accused in an 2024 FIR under Sections 8, 20, and 29 of the NDPS Act registered at Sangam police station. He is currently under preventive detention under the PIT-NDPS Act, police said. Police said the said property has been established as having been acquired through proceeds of illicit drug trafficking. 'Acting under Sections 68-E and 68-F of the NDPS Act, and following due confirmation by the competent authority under SAFEMA (Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act), New Delhi, the immovable property has been formally seized and attached. It shall not be sold, transferred, or otherwise dealt with without prior permission from the competent authority,' police said. They added that the accused has a history of drug peddling and was actively involved in supplying narcotics, especially targeting the local youth, thereby posing a serious threat to public health and safety. 'This action is part of J&K Police's continued crackdown on drug trafficking networks. By targeting and dismantling the financial infrastructure of such networks, police aim to curb the spread of narcotics and safeguard the community,' police said. UNI MJR PRS
New Indian Express
08-06-2025
- New Indian Express
NCB freezes Rs 9.20 crore immovable assets of prime accused linked to Mexican drug cartel
NEW DELHI: The Narcotics Control Bureau (NCB) has attached a flat and a factory premises worth Rs 9.20 crore in Uttar Pradesh's Noida of a 'prime' accused involved in a 2024 trans-national drugs trafficking case linked to a Mexican cartel, officials said on Sunday. The officials said that the federal anti-narcotics agency has recently secured a confirmation on the attachment from the designated competent authority and administrator constituted under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act (SAFEMA) and the Narcotic Drugs and Psychotropic Substances (NDPS) Act. According to them, the case pertains to the seizure of over 95 kg of Amphetamine and the unearthing of a clandestine narcotics manufacturing laboratory in Gautam Buddha Nagar district of Uttar Pradesh in October last year. Five people, including a Tihar Jail warden, a Mexican national part of a drug cartel operating from that country, a Mumbai-based chemist and two Delhi-based businessmen, were arrested by the NCB team then. The agency, as part of the probe, attached immovable assets of one of the accused businessmen, also a 'prime accused' in the case, worth Rs 9.20 crore. 'These included a luxury apartment in Jaypee Greens residential society and a factory premises in Kasna Industrial Area of Gautam Budh Nagar (Uttar Pradesh), which were acquired using proceeds from international narcotics trafficking,' a senior NCB official said. The NCB and the Special Cell of the Delhi Police had jointly busted the factory, as the syndicate, including the five arrested people, was involved in 'transnational smuggling' of synthetic drugs. All the arrested are presently lodged in jail under judicial custody, the officials said. The factory was 'financed' by the CJNG - Cartel Jalisco Nueva Generación - a notorious Mexican cartel, which transferred money to Dubai using cryptocurrency, the official claimed, adding: 'The amount was then received in Delhi in cash by the accused through hawala, facilitated in three separate instalments'.
