Lawstreet Journal

“Prima Facie Misused her Official Position”: Former ICICI Bank MD and CEO Chanda Kochhar and Husband summoned by PMLA Court [READ ORDER]

Lawstreet Journal 5 Feb 2021 5:58pm

Image courtesy: Lawstreet Journal Judiciary “Prima Facie Misused her Official Position”: Former ICICI Bank MD and CEO Chanda Kochhar and Husband summoned by PMLA Court [READ ORDER]

An investigation complaint was filed by the Enforcement Directorate in the multi-crore scam (under the Prevention of Money Laundering Act, 2002) against former ICICI Bank MD and CEO Chanda Kochhar and 10 others, including the Videocon Industries Ltd's Managing Direction VN Dhoot, Kochhar and her husband.

Taking the cognizance of the same, a special court observed that Chanda Kochhar had prima facie misused her official position in granting loans to accused Videocon group of companies and received illegal gratification through her husband Deepak Kochhar.

Special Judge Abhijeet Nandgaonkar  issued proceedings against all the 11 accused in the case. They have been sent summons for the offences under section 4 (money laundering) of the Prevention of Money Laundering Act, 2002. Leave has also been also granted to the ED to continue with the ongoing investigation and to take action thereon as per law.

It is also transpired that, accused Mrs. Chanda Kochhar and her family have enjoyed facilities from accused Mr. V.N. Dhoot and/or Videocon Group of Companies,” the court observed.

The court also observed that Mrs. Chanda Kochhar and Mr. Deepak Kochhar were long associated with Mr. V.N. Dhoot and while issuing process, the learned judge thus stated:

After going through the submissions, written complaints and statements recorded under PMLA, it appears that, accused Ms. Chanda Kochhar had misused her official position in granting loan to accused Mr. V.N. Dhoot and/or Videocon group companies and got illegal gratification/undue advantage through her husband accused Mr. Deepak Kochhar, per-se quid-pro-quo web-transactions, created by the accused persons… Continue Reading...


Tagged: ICICI Bank  
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