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Enough material to proceed against Kochhars: PMLA court

On January 30, the particular court docket for Prevention of Cash Laundering Act had summoned Kochhar, her husband Deepak Kochhar after taking cognizance of the ED’s cost sheet.

PTI, Mumbai

PUBLISHED ON FEB 04, 2021 12:24 AM IST

A particular PMLA court docket right here has held that the fabric submitted by the Enforcement Directorate is adequate to proceed with a trial for cash laundering towards former ICICI Financial institution CEO and MD Chanda Kochhar and others.

On January 30, the particular court docket for Prevention of Cash Laundering Act had summoned Kochhar, her husband Deepak Kochhar, Videocon Group promoter Venugopal Dhoot and different accused after taking cognizance of the ED’s cost sheet.

Within the order that was made obtainable on Wednesday, decide A A Nandgoankar stated, “After going via the submissions, written complaints and statements recorded below PMLA, it seems that Chanda Kochhar had misused her official place in granting mortgage to accused Dhoot and/or Videocon group firms.

“And (it seems) she received unlawful gratification/undue benefit via her husband… via varied firms for siphoning off cash and proceeds of crime,” the decide stated.

The fabric produced by the ED constitutes the fee of offence, and it’s “adequate to proceed towards the accused individuals,” the court docket stated.

All of the accused have been requested to look earlier than the court docket on February 12.

The ED arrested Deepak Kochhar in September 2020 after it filed a prison case for cash laundering based mostly on an FIR registered by the CBI towards the Kochhars, Dhoot and others.

The ED alleged that 64 crore out of a mortgage quantity of 300 crore sanctioned by a committee of ICICI Financial institution headed by Chanda Kochhar to Videocon Worldwide Electronics Restricted was transferred to Nupower Renewables Pvt Ltd (NRPL) by Videocon Industries on September 8, 2009, a day after the disbursement of mortgage.

NRPL was earlier generally known as Nupower Renewables Restricted (NRL) and is owned by Deepak Kochhar, the ED stated.

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