Trouble appears to be intensifying for former ICICI Bank CEO Chanda Kochhar and husband, Deepak Kochhar, as Enforcement Directorate (ED) has provisionally confiscated Rs 78 crore worth of property owned by Kochhers as part of its probe into a money laundering case which included the bank and the Videocon Group.
The provisionally seized possessions comprise of Ms Kochhar’s apartment in Mumbai and those belonging to a company owned by the former ICICI Bank CEO’s husband, Deepak Kochhar.
Earlier, the ED had lodged a criminal case under the Prevention of Money Laundering Act (PMLA) against Chanda Kochhar, her husband Deepak Kochhar and Venugopal Dhoot of the Videocon Group to investigate alleged irregularities and unlawful parcticesin the authorisation of Rs 1,875 crore in loans.
The probe agency’s initiative was established on a first information report by the Central Bureau of Investigation, which is administrating an independent probe.
In its investigation the CBI had specified the Kochhars and two of Venugopal Dhoot’s companies Videocon International Electronics Ltd and Videocon Industries Ltd. The probe CBI had also mentioned Supreme Energya company founded by Mr Dhoot) and NuPower Renewables (a company controlled by Mr Kochhar).