New Delhi: The Enforcement Directorate (ED) on Friday attached assets worth Rs 78 crore belonging to former ICICI Bank chairman Chanda Kochhar and her family, including her Rs 3.5-crore flat in Mumbai, as part of the money laundering probe against them.
Though the book value of these assets is Rs 78.15 crore, officials said the market value is about Rs 600 crore.
A provisional attachment order under the provisions of the Prevention of Money Laundering Act (PMLA) has been issued for attachment of properties like flat, land and plant & machinery of a wind farm project in Tamil Nadu and Maharashtra, said the central probe agency in a statement issued here on Friday.
These assets, said the ED, are in possession of Kochhar, her husband Deepak Kochhar and the companies owned and controlled by him.
The ED had slapped money laundering charges against the Kochhars and their business entities in January last year for "illegal sanctioning of loans amounting to Rs 1,875 crore to the Videocon Group of companies." This was done after the ED studied a CBI FIR against the Kochhars and carried out raids.
Investigations revealed 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 Pvt Ltd (NRPL) by Videocon Industries on September 8, 2009, just a day after disbursement of loan by ICICI Bank. NRPL was earlier known as NuPower Renewables Limited (NRL) and is a company of Deepak Kochhar, the ED said. Moreover, it alleged that "net revenue of Rs 10.65 crore was generated by NRL from these tainted funds."
"Therefore, proceeds of crime amounting to Rs 74.65 crore were transferred to or to say generated in NRPL," the ED said. The central investigation agency charged that Chanda Kochhar and her family "acquired" an apartment at Mumbai (in which they live) owned by one of the Videocon Group companies by way of "acquiring that company through her family trust at a nominal price and by creating book entries."...