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    ED attaches assets of former ICICI Bank CEO Chanda Kochhar in Videocon case

    ED attaches assets of former ICICI Bank CEO Chanda Kochhar in Videocon case

    ED attaches assets of former ICICI Bank CEO Chanda Kochhar in Videocon case
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    By CNBC-TV18  IST (Updated)

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    The Enforcement Directorate has attached the assets and properties belonging to former ICICI Bank managing director and CEO Chanda Kochhar and her husband Deepak Kochhar in connection with the Videocon loan case.

    The Enforcement Directorate has attached the assets and properties belonging to former ICICI Bank managing director and CEO Chanda Kochhar and her husband Deepak Kochhar in connection with the Videocon loan case.
    Total assets worth Rs 78 crore in book value have been attached, said people familiar with the matter. This includes a flat that belongs to Kochhar in Mumbai and some properties of the company of her husband.
    Confirming the CNBC-TV18 newsbreak, a provisional order under the Prevention of Money Laundering Act (PMLA) has been issued for attachment of properties like flat, land, and plant and machinery of a wind farm project based in Tamil Nadu and Maharashtra.
    Authorities have charged Kochhar directing ICICI Bank to sanction “high value” loans to Videocon Industries, violating the lender’s lending policies, in exchange for an investment by the consumer electronics company’s owner in a business headed by Kochhar’s husband. The ED action is the first significant action by the authorities in the case.
    In January 2019, the Central Bureau of Investigation (CBI) filed a case of criminal conspiracy and fraud against Kochhar and her husband. The Videocon loan case dogged Kochhar and ICICI Bank for months and was instrumental in her decision to step down in October 2018.
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