ED attaches assets of former ICICI Bank CEO Chanda Kochhar in loan fraud case
10 January 2020
The Enforcement Directorate has attached assets of former Managing Director and CEO of ICICI Bank, Chanda Kochhar, and her family, reported to be worth around Rs78 crore, in the loan fraud case.
The ED today attached properties including her Chanda Kochhhr’s in Mumbai and some properties of the company of his husband, in connection with the alleged bank loan fraud and money laundering case, according to reports.
The ED order will be valid within 180 days of the attachment being issued or when a court confirms it and allows it to make a final confiscation on the basis that properties were made out of the proceeds of money laundering.
In ED had, in 2019, registered a criminal case under the PMLA against Chanda Kochhar, her husband Deepak Kochhar, Venugopal Dhoot of Videocon Group and others to probe alleged irregularities and corrupt practices in sanctioning Rs3,250-crore loans by the ICICI Bank to the Videocon Group.
Kochhar had challenged her ouster from ICIC Bank, which was given a green-light by the Reserve Bank of India (RBI).