Homefinance News

ED likely to attach Chanda Kochhar's assets including Mumbai residence, says report

ED likely to attach Chanda Kochhar's assets including Mumbai residence, says report

ED likely to attach Chanda Kochhar's assets including Mumbai residence, says report
Profile image

By CNBC-TV18 Jan 10, 2020 11:49 AM IST (Updated)

The Enforcement Directorate (ED) is likely to attach the assets and properties of former ICICI Bank CEO and managing director Chanda Kochhar.

The Enforcement Directorate (ED) is likely to attach the assets and properties of former ICICI Bank CEO and managing director Chanda Kochhar and her husband Deepak Kochhar in connection with the Videocon loan case, reported Business Standard, citing sources.

Recommended Articles

View All

According to the report, which was published on Friday, the assets worth an investment value of about Rs 100 crore include Kochhar’s plush South Mumbai apartment, shares, investments and offices of her husband including Nupower Renewables. The report added that the market value of the assets now may be around Rs 800 crore.
The report, citing the sources, said that ED is likely to issue a provisional attachment order of proceeds of crime under the Prevention of Money Laundering Act before or by the end of this week.
Chanda Kochhar did not respond to ET’s queries on the same.
A year ago, in January 2019, a case was filed against Chanda Kochhar and eight others alleging irregularities at ICICI Bank in sanctioning of loans to the Videocon group.
There were allegations of involvement of Kochhar and her family members in a loan provided to Videocon group on a quid pro quo basis. It was alleged that Videocon Group pumped money into NuPower Renewables, a firm owned by Deepak Kochhar. The allegation of conflict of interest was levelled by whistleblower Arvind Gupta.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

Most Read

Market Movers

View All
Top GainersTop Losers
CurrencyCommodities
CompanyPriceChng%Chng