PMLA case: Ex-ICICI CEO Chanda Kochhar appears before court

Former ICICI Bank CEO and MDChanda Kochhar appeared before a special PMLA court here onFriday in connection with the ICICI Bank-Videocon moneylaundering case.

The special court for Prevention of Money LaunderingAct (PMLA) had on January 30 summoned Chanda Kochhar, herhusband Deepak Kochhar, Videocon Group promoter VenugopalDhoot and other accused in the case after taking cognisance ofthe Enforcement Directorate's (ED) charge sheet.

Chanda Kochhar appeared before the special Judge A ANandgoankarand filed a bail application through her lawyerVijay Agarwal.

The court asked the ED to file its reply on her bailapplication.

The ED had arrested Deepak Kochhar in September 2020after it filed a criminal case for money laundering based onan FIR registered by the CBI against the Kochhars, Dhoot andothers.

The ED has alleged that Rs 64 crore, out of a loanamount of Rs 300 crore sanctioned by a committee of ICICI Bankheaded by Chanda Kochhar to Videocon International ElectronicsLimited, was transferred to Nupower Renewables Pvt Ltd (NRPL)by Videocon Industries on September 8, 2009, a day after thedisbursement of loan.

NRPL was earlier known as Nupower Renewables Limited(NRL) and is owned by Deepak Kochhar, the ED said.

Taking cognisance of the charge sheet, Judge A ANandgoankar had observed, ''After going through thesubmissions, written complaints and statements recorded underPMLA, it appears that Chanda Kochhar had misused her officialposition in granting loan to accused Dhoot and/or Videocongroup companies.'' ''And (it appears) she got illegal gratification/undueadvantage through her husband...through various companies forsiphoning off money and proceeds of crime,'' the court hadsaid.

The material produced by the ED constitutes thecommission of offence, and it is ''sufficient to proceedagainst the accused persons'', the court had said.