An Appellate Tribunal has said that there was a “Prima Facial” case of money laundering against former ICICI Bank CEO and MD Chanda Kokhar and her husband, in which a corruption case associated with the Videocon group, because it retained the order of 2020 ED, in which a flat in Mumbai was attached as a price value of the courses.
In an order issued on July 3, the tribunal said that it finds “substance” on the “Kwid Pro Quo” charge, which is for Videocon International Electronics Limited (VIEL) for a loan of Rs 300 crore against Chanda Kochhar, which is for the form of Videocon International Electronics Limited (VIEL), which is the form of this conference, in the form of RS 64 COROR, RS 64, RS 64 CRORRED Dededred Kokhar.
The said loan was approved by a approval committee of ICICI Bank between June 2009 and October 2011, and Chanda Kochhar was a member of this panel, besides being the MD and CEO of the private lending company.
The ED case based on the CBI FIR claimed that Chanda Kochhar approved the amount and “misbehaving” by “misbehaving” to the ICICI Bank and committed “criminal conspiracy”.
According to investigative agencies, Chanda Kokhar received illegal satisfaction/unfair advantage through VN Dhut, VN or Videocon Group promoter through her husband.
The ED provided the Flat No. 45 of Kochhar in January 2020, located in CCI Chambers in Churchgate, Mumbai, a property of NRPL, which was seized by the agency during the discovery of another company of Deepak Kochhar, in addition to cash of Rs 10.5 lakhs.
The Administration Authority of Prevention of Money Laundering Act (PMLA) refused to confirm the ED attachment in November 2020, and as a result, the Federal Investigation Agency appealed to the Appellate Tribunal.
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The trial said, “It may be true that the issue will be determined by the trial court, but we find a prima facie case against the respondents for the commission of money laundering and therefore, the provisional attachment order (of the ED) is appropriate,” said the tribunal.
It states that “there was a total inter-fixing of the work of industries floating by Deepak Kohar and even by the Videocon Group of industries.” The tribunal rejected Chanda Kachhar’s argument that she “was not knowing her husband’s business matters” and argued in ignorance in presenting it.
The defendant (Chanda Kokhar) was expected to operate himself according to the bank’s rules and policy and could not ignore the husband’s union and matters, it was said in the order of the 82-page.
“… ICICI Bank approval of a loan of Rs 300 crore to the Videocon Group of Industries, where Chanda remained part of the committee, against the rules and policy of the bank,” said this.
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The tribunal said that the flat was purchased from the “diverted” fund of Rs 64 crore above the above and hence attached by the ED, called the income of crime.
“We do not find any illegality in that (Ed) order, but rather find distorted in the hands of the Assistant Authority on all issues relevant to the case,” said this.
The tribunal rejected Chanda Kochhar’s argument that the decision to approve the loan to the Videocon group of industries was not by him but by a committee and therefore, there was “no link” between the loan approval and transfer of Rs 64 crore by the Videocon Group of Industries and the transfer of Rs 64 crore.
“The election of the argument was contested and we find that the appellants (ED) have given a full range of events to show how a case of money laundering is made and before a prime crime (CBI case),” said this.
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Maintaining the ED action, “Anti -Dated Artificial Attachment Order is confirmed dated 10.01.2020 for assets other than Rs 10.5 lakh.”
Kokhar (T) NRPL (T) Supreme Energy Private Limited (T) Saple (T) Venugopal Dhoot (T) Bribe (T) Rs 64 crore (T) Rs. 300 crore loan (T) Banking Fraud (T) Corporate Governance.
