Special PMLA court summons Chanda Kochhar, Venugopal Dhoot on Feb 12

Enforcement Directorate 'establishes' proceeds of crime to the tune of Rs 72 cr

A special court has summoned former ICICI Bank chief executive officer Chanda Kochhar, Videocon Group Chairman Venugopal Dhoot, and some others on February 12 in a money-laundering case in which they have been implicated.

The move, under the Prevention of Money Laundering Act (PMLA), will pave the way for trial against Chanda Kochhar and the other accused following the charge sheet filed by the Enforcement Directorate (ED) in November.

According to sources, the agency has established as the proceeds of crime Rs 72 crore, which was laundered through companies of Chanda Kochhar’s husband, Deepak Kochhar.

Besides, Chanda Kochhar’s flat in Mumbai is found to have been purchased with allegedly ill-gotten money. The market value of the property is about Rs 30 crore.

The court said: “It appears that accused Chanda Kochhar had misused her official position in granting loan to accused V N Dhoot and/or Videocon group companies and got illegal gratification/undue advantage through her husband accused Deepak Kochhar….”

It further said the “material gathered and produced by the ED constitutes the commission of a schedule offence”.

The judge said: “I am of the opinion that this material is sufficient to proceed against the accused persons.”

Videocon group promoter Venugopal Dhoot

Business Standard has reviewed the summons order.

The court order has cited a summary of the ED findings, which are part of the charge sheet. According to them, Chanda Kochhar and Deepak Kochhar were long associated with Dhoot. In 1992, Deepak Kochhar floated Vikvin Finance Pvt Ltd with his mother. Later in 1994, he changed the name to Credential Finance Ltd (CFL), in which Chanda Kochhar had been allotted equity shares. In the same year, Dhoot invested approximately Rs 10 crore in CFL, which was merged with Bloom Field Builders and Construction Company Ltd, in which Dhoot/Videocon Group was holding a majority shareholding.

It is alleged that Chanda Kochhar, as managing director and CEO of ICICI Bank and chairperson/member of the sanctioning committee, cleared a loan of Rs 300 crore to Dhoot’s Videocon International Electronics, and then from the loan Rs 64 crore was transferred to NuPower Renewables, which is owned by Deepak Kochhar.

The apartment of Chanda Kochhar was acquired from the money allegedly transferred by Dhoot. Also, Deepak Kochhar used the Rs 64 crore for acquiring properties, it is alleged. He purchased shares of SEPL, a subsidiary of a company run by Dhoot, through Mahesh Chandra Punglia.

Punglia, a close associate of Dhoot, has been associated with NuPower Renewables since 2009. He is allegedly involved in concealing the proceeds of the crime.