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ED assures SC of no coercive action against Chanda Kochhar in PMLA case

Solicitor General Tushar Mehta informed the bench headed by Justice S.K. Kaul the probe agency would not take any coercive step in pursuance of the case registered in ICICI Bank-Videocon Group loan case.

By: Express News Service | New Delhi | November 21, 2020 7:51:14 am
ED conducts raids in connection with ICICI-Videocon case; searches at Chanda Kochar's residenceThe ED’s case against the Kochhar family pertains to the alleged illegal sanctioning of loans of Rs 1,875 crore by ICICI Bank, during the tenure of Chanda Kochhar, to Videocon Group. (Express photo by Pradip Das)

The Enforcement Directorate (ED) on Friday told the Supreme Court that no coercive action will be taken by the agency against former ICICI Bank CEO and MD Chanda Kochhar in connection with the money laundering case.

Solicitor General Tushar Mehta informed the bench headed by Justice S.K. Kaul the probe agency would not take any coercive step in pursuance of the case registered in ICICI Bank-Videocon Group loan case.

The bench noting that interim protection is already in place, said it would hear later the two other petitions filed by Kochhar challenging the arrest of her husband Deepak Kochhar in the case. The bench further observed that the pendency of the bail application before the Supreme Court would not come in the way of the trial court in deciding the application for regular bail.

ED earlier this month filed its first charge sheet in the ICICI-Videocon loan case, naming Kochhar, her husband Deepak Kochhar, Videocon group chief Venugopal Dhoot and seven firms in an alleged money laundering case ; at least eight other entities, including Nu Power Renewables Ltd, Videocon International Electronics Ltd (VIEL), Videocon Industries Ltd and Supreme Energy Pvt Ltd, have been named in the chargesheet or “prosecution complaint”.

The ED’s case against the Kochhar family pertains to the alleged illegal sanctioning of loans of Rs 1,875 crore by ICICI Bank, during the tenure of Chanda Kochhar, to Videocon Group.

According to the ED, it found that loans were refinanced and new loans adding up to Rs 1,730 crore were sanctioned to Videocon Industries Limited (VIL) and its group companies, and that these loans became non-performing assets (NPA) for ICICI Bank in June 2017.

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