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Chanda Kochhar News: ATTACHed ED Rs 78 crore goods worthy of Chanda Kochhar, others

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NEW DELHI: Friday Compliance Board Compliance Directorate attached assets worth 78 rs from former IcICI Bank CEO and CEO Chanda Kochhar and others, in connection with alleged bank loan fraud and a case money laundering.

An interim order has been issued under the Money Laundering Prevention Act (PMLA, for its sin) for the linkage of properties that includes the Kochhar-based house in Mumbai and some other assets belonging to a company linked to it Officials said.

The book value of the attached assets is Rs 78 crore, they said.

The Compliance Directorate (ED) is polling Kochhar, her husband Deepak Kochhar and others in a case of alleged irregularities and money laundering in the bank’s loan to the Videocon Group.

Chanda Kochhar was accused of violating the private sector lender’s rules by providing out-of-turn loans of around 3,250 rs crore to Videocon Group, which allegedly benefited her husband, Deepak Kochhar.

Last month, the Reserve Bank of India (RBI) told the high court in Mumbai that it acted in accordance with the law and that there was no violation of Chanda Kochhar’s fundamental rights for his approval of his dismissal from ICICI Bank. However, Kochhar’s lawyers mentioned that the notice of dismissal came months after the bank had already accepted its voluntary resignation on October 4, 2018, and therefore the termination was unlawful. The matter will be heard on 13 January.

(With agency supplies)

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