Charge sheet filed in PMLA Court against former ICICI CEO

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The Enforcement Directorate (ED) has submitted the charge sheet under the stipulated 60-day period in a special Prevention of Money Laundering Act Court this Tuesday. ICICI CEO

This Charge sheet explicitly names former ICICI CEO Chanda Kochhar, husband Deepak and Videocon promoter Venugopal Dhoot. Deepak is currently in Judicial Custody, while the Court is yet to scrutinize the charge sheet as it allegedly contains around 5 trucks of evidence.

A trail is being established connecting Chanda Kochhar’s time as CEO to Viacom’s various loans turned NPAs later. It is alleged that after taking over as the manager and CEO of ICICI Bank Chanda Kochhar illegally sanctioned loans to the Videocon group of companies.

ICICI’s Rs. 1,875 crore loan to Videocon were classified as NPA in 2017, causing significant losses to the bank. It is alleged that in turn of these sanctioned loans Videocon transferred Rs. 64 Crore to Kochhar’s NuPower Renewables Pvt. Ltd. The dubiousness of the character of these transactions has come to question as ICICI even sanctioned a whopping 300 Crore Loan for the Videocon Group in a matter of 48 hours and the 64 Crore were immediately transferred to the NuPower hidden in trenches of transactions.

A number of other such trails are also being established to link the Kochhars to the Videocon Group including the sale and acquisition of CCI Chambers apartment (Kochhars’ residence) at nominal price to Videocon owned company.

This comes at a time when Banking Frauds are already making serious headlines in India adding to the infamy of the already debilitating condition of our Banks. The ED is confident about the case it is building and expects the Court to act decisively and swiftly against the alleged defaulters.