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ICICI-Videocon loan case: Tax authorities may probe Deepak Kochhar for benami properties, says report

Updated : March 12, 2019 09:58 AM IST

The probe indicated money laundering and possibilities of round-tripping: report

According to the newspaper, the enquiry report has been shared with the Enforcement Directorate (ED) and the agency is looking into it as a violation of the Prevention of Money Laundering Act.

Tax officials are likely to probe some of Deepak Kochhar's properties under the Benami Transactions (Prohibition) Act after the income tax (IT) department's preliminary investigation into Kochhar's NuPower Renewables in the ICICI Bank-Videocon loan case did not find anything concrete, Business Standard reported.

"The transactions were carried out in the appearance of loans and other business transactions. Therefore, there the tax evasion angle has not been identified," an official in the know told the newspaper.

The source added that the probe indicated money laundering and possibilities of round-tripping.

According to the newspaper, the enquiry report has been shared with the Enforcement Directorate (ED) and the agency is looking into it as a violation of the Prevention of Money Laundering Act.

Last year, in April, the tax authorities questioned former ICICI Bank chief executive officer Chanda Kochhar’s husband, Deepak Kochhar, over a Rs 405 crore investment by Accion Diversified Strategies Fund (ADSF) through its Mauritius subsidiary DH Renewables Holding.

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ICICI-Videocon loan case: Tax authorities may probe Deepak Kochhar for benami properties, says report

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