Chanda kochhar controversy : ED seized Chanda kochhar Rs 78 Crore Property videocon


ED seized Chanda Kochhar / deepak Kochhar assets worth Rs 78 crore





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Chanda kochhar




The Enforcement Directorate (ED) on Friday confiscated the assets and cash of former ICICI Bank Managing Director and CEO Chanda Kochhar and her husband Deepak Kochhar in connection with the loan given to Videocon.





The seized assets include assets worth about Rs 74 crore for the projects of South Mumbai Apartments CCI Chambers (Rs 3.5 crores) and Deepak Kochhar‘s NewPower Renewables and its subsidiaries like Wind Fars, Ichanda Energy Pvt. Apart from this, during the search, ED from the building of one of Deepak Kochhar‘s companies, Pacific Capital Services. Seized Rs 5 lakh cash.  





The total book value of these assets is Rs 78 crore.  Although its market value is around Rs 800 crore. There are some more assets, an ED source said.





Which we are assessing. At the same time, the work of valuing the seized assets is being done. Business Standard first published this news on 9 January.





The Enforcement Directorate has issued a temporary order for attachment of the proceeds of the offense under the Prevention of Money Laundering Act (PMLA), which will remain valid for 180 days until the court confirms it and allows final confiscation on this basis Gives that these assets have been earned through the money laundering process.





The Kochhar family currently resides at 45, CCI Chambers CHS Limited. The ED is also eyeing the transfer of this apartment as it had a very complex transaction process. This included companies associated with Deepak Kochhar and Videocon Group.





Between 2009 and 2016, the apartment was owned by Videocon Group company QTAPL. During this time no rent was paid nor any amount was paid. It seems that in 2009 it was given to Videocon Group in lieu of the liability of Deepak Kochhar or his company Credential Finance Limited (CFL). 





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Deepak Kochhar then acquired it indirectly. His family trust completely acquired QTAPL, the company that owns the apartment, by paying a nominal amount.





In the Videocon case, the Enforcement Directorate (ED) has temporarily attached the movable and immovable properties of former managing director and CEO of ICICI Bank Chanda Kochhar and her husband Deepak Kochhar.





Chanda is accused of irregularities in lending to Videocon Group. These assets also include Chanda’s apartment located in the plush area of South Mumbai where the Kochhar family currently resides.





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Apart from this, some of their shares and investments can also be attached. Also, the offices of Deepak Kochharcompanies can be attached, including the offices of NewPower Renewables. An ED source said That the investment value of these assets is around Rs 100 crore but their market value can be Rs 800 crore or more.





A case was registered in this case in January last year in which Chanda Kochhar and eight others were accused. This was the first major action taken by the ED after the case was registered.  





According to sources, ED by the end of this week Issued an order for temporary attachment of the proceeds of crime under the Prevention of Money Laundering Act (PMLA). This order will be valid for 180 days and these assets will be attached after the confirmation of the court.





The Kochhar family currently lives at 45, CCI Chambers CHS Limited. The ED is also eyeing the transfer of this apartment as it had a very complex transaction process. This included companies associated with Deepak Kochhar and Videocon Group.





The committee set up by ICICI Bank, headed by former Supreme Court judge BN Srikrishna, to probe the allegations on Chanda Kochhar, had also pointed fingers at this complex transaction. According to the Srikrishna Committee, the apartment was owned by Videocon Group company QTAPL between 2009 and 2016. During this time no rent was paid nor any amount was paid.


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