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Chanda Kochhar told Dhoot to invest in my husband’s company: ED | India News

MUMBAI: Former ICICI Bank CEO Chanda Kochhar told Videocon group chairman VN Dhoot, whose loan applications were pending at the bank, in 2009 to invest money in her husband Deepak’s company, said the Management of Enforcement (ED) on your recently filed charge sheet. .
Documents attached to the charge sheet show that at Pacific Capital Service Pvt Ltd (PCSPL), one of Kochhar’s companies, an office worker who served tea was listed as a director and had a stake in the company.
Sharad Mhatre, the guy from the office, said he was looking after Deepak’s father and briefly worked as a driver with the family. He told the emergency department that he would sign documents following Deepak’s instructions without knowing the contents.
Dhoot in his statement to the ED said it would have been detrimental to his interests if he had not agreed. The Videocon group invested Rs 64 million in NuPower Renewable Pvt Ltd (NRPL), a company controlled by Deepak.
The ED alleged that Chanda abused her position at the bank to sanction a loan to the Videocon group after violating the rules and received bribes in the form of investments in her husband’s company, Nu-Power. The ED filed the charge sheet against Kochhars and Dhoot in special court on November 4 and attached these statements.
Dhoot told ED that Deepak asked him to invest in his company and insisted that he meet Chanda, who was then running ICICI Bank. Officials said Chanda told Dhoot to “look out for her husband’s interests by putting money into his company.” Dhoot claimed that it was because of this that he transferred Rs 64 crore of the loan of Rs 300 crore disbursed to his group company by ICICI Bank.
The ICICI Bank in total had sanctioned a loan of Rs 5,393 million to Videocon group companies in different tranches during Chanda’s tenure, of which the principal amount of Rs 2,812 million was defaulted. The collateral held with the bank was not commensurate with the sanctioned loan, the ED said. The ED alleged that the loan to NuPower was not intended to be repaid to Videocon, because a group company, Real Cleantech Pvt Ltd, which was created to withhold proceeds of crime, was allowed a silent death. The company was canceled in 2018, to break the bond of returning the money from the NuPower loan to the Videocon group, ED said.
The Videocon group began the process to revive Real Cleantech after the DE began investigating the money laundering case against it in 2019, all to show that the money diverted to NuPower was a legitimate investment and returned to the Videocon group.
Deepak has been controlling NuPower since its formation in 2008, through PCSPL, which was formed in 1999. Most of PCSPL’s directors were family members or Deepak employees.

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