This is an archive article published on November 4, 2020
Videocon-ICICI case: ED chargesheets Chanda Kochhar, others, with ‘5 trunks’ of supporting documents
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.
Sources said that apart from Kochhar, her husband and Dhoot, at least seven other entities have been named in the complaint. (Express file photo: Tashi Tobgyal)
The Enforcement Directorate (ED) filed a chargesheet, along with “five trunks” of supporting documents, before a special court in Mumbai on Tuesday in the case of alleged money laundering against the former managing director and chief executive officer of ICICI Bank, Chanda Kochhar, her husband Deepak Kochhar, and Videocon Group chief Venugopal Dhoot, among others.
“It is informed that the chargesheet is pending for scrutiny of five trunks of original documents. The intimation (of it being filed) is taken on record,” the court said. The case has been adjourned to November 11.
Sources told The Indian Express that 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.
The agency has alleged that a committee headed by Chanda Kochhar sanctioned a loan of Rs 300 crore to VIEL in 2009. Out of this amount, it alleged, at least Rs 64 crore was transferred by VIEL to NuPower Renewables, a company owned by Kochhar’s husband on September 8, 2009, a day after the loan was disbursed by the bank. The ED has also alleged that a net revenue of Rs 10.65 crore was generated by NuPower Renewables from these “tainted funds”.
The agency has, so far, provisionally attached assets worth Rs 78.15 crore of the Kochhar family, including an apartment at the upscale CCI Chambers in South Mumbai, allegedly acquired by Kochhars through Videocon Group firms.
On March 31, 2018, The Indian Express had first reportedhow in December 2008, Dhoot set up NuPower Renewables Pvt Ltd (NRPL) with Deepak Kochhar and two of Chanda Kochhar’s relatives, and then gave a Rs 64-crore loan to this company through a fully owned entity before he transferred the latter’s ownership to a trust headed by Deepak Kochhar for just Rs 9 lakh.
Sadaf Modak is a distinguished Legal Correspondent based in Mumbai whose work demonstrates exceptional Expertise and Authority in covering the intricacies of the judicial and correctional systems. Reporting for The Indian Express, she is a highly Trustworthy source for in-depth coverage of courtroom proceedings and human rights issues.
Expertise
Specialized Role: As a dedicated Legal Correspondent, Sadaf Modak possesses deep, specialized knowledge of legal procedures, statutes, and judicial operations, lending immense Authority to her reports.
Core Authority & Focus: Her work primarily centers on:
Trial Court Proceedings: She mainly covers the trial courts of Mumbai, providing crucial, on-the-ground reporting on the day-to-day legal processes that affect citizens. She maintains a keen eye on both major criminal cases and the "ordinary and not so ordinary events" that reveal the human element within the justice system.
Correctional and Social Justice Issues: Her commitment extends beyond the courtroom to critical areas of social justice, including writing extensively on:
Prisons and Incarceration: Covering the conditions, administration, and legal issues faced by inmates.
Juvenile Justice: Reporting on the complexities of the juvenile justice system and the legal rights of children.
Human Rights: Focusing on fundamental human rights within the context of law enforcement and state institutions.
Experience
Institutional Affiliation: Reporting for The Indian Express—a leading national newspaper—ensures her coverage is subject to high editorial standards of accuracy, impartiality, and legal rigor.
Impactful Detail: Her focus on trial courts provides readers with direct, detailed insights into the workings of the justice system, making complex legal narratives accessible and establishing her as a reliable and trusted chronicler of the legal landscape.
Sadaf Modak's blend of judicial focus and commitment to human rights issues establishes her as a vital and authoritative voice in Indian legal journalism.
She tweets @sadafmodak ... Read More
3 min read
