ED files first charge sheet against Kochhars, Dhoot in ICICI Bank-Videocon Group PMLA case

The Enforcement Directorate (ED) has filed a charge sheet in a case allegedly involving credit facilities extended to group companies.

PTI | Edited by : Chinmai Sinha

The Enforcement Directorate (ED) has filed its first charge sheet against former ICICI Bank CEO and MD Chanda Kochhar, her husband Deepak Kochhar and Videocon Group promoter Venugopal Dhoot on money laundering charges, official sources said on Wednesday.

The prosecution complaint has been filed under the Prevention of Money Laundering Act (PMLA). It was filed before a special court in Mumbai on Tuesday and the court is yet to take cognisance of it, sources said.

The central probe agency had arrested Deepak Kochhar in September after it filed a criminal case of money laundering after studying an FIR registered by the CBI against the Kochhar’s, Dhoot and others.
It slapped money laundering charges against the Kochhar’s and their business entities for “illegal sanctioning of loans amounting to Rs 1,875 crore to the Videocon Group of companies”.

The ED had earlier said that an amount of Rs 64 crore out of the loan amount of Rs 300 crore sanctioned by a committee headed by Chanda Kochhar to Videocon International Electronics Limited, was transferred to Nupower Renewables Private Limited (NRPL) by Videocon Industries Limited on September 8, 2009, just a day after disbursement of loan by ICICI Bank.

The CBI alleged that Dhoot had invested in Deepak Kochhar’s company Nupower through his firm Supreme Energy, a quid pro quo to loans cleared by ICICI Bank after Chanda Kochhar took over as the CEO of the bank on May 1, 2009.

During its preliminary enquiry, the CBI found that six loans worth Rs 1,875 crore were sanctioned to the Videocon Group and companies associated with it between June, 2009 and October, 2011 in alleged violation of laid-down policies of ICICI Bank.