ED attaches assets worth Rs 78 crore belonging to former ICICI bank MD & CEO Chanda Kochhar
The Enforcement Directorate (ED) has attached Flat, Land, seized cash, plant & machinery i.e. Windfarm Projects located in Tamil Nadu and Maharashtra totaling to Rs 78.15 Crores in possession of Chanda Kochhar, Deepak Kochhar and the companies controlled by Deepak Kochhar, under PMLA in ICICI Bank loan case. 
 
The ED on Friday attached assets worth Rs 78 crore of former ICICI Bank managing director and chief executive officer (CEO) Chanda Kochhar and others, in connection with an alleged bank loan fraud and money laundering case. 
 
The Times of India (TOI) has reported that a provisional order under the Prevention of Money Laundering Act (PMLA) has been issued for attachment of the properties that includes Kochhar's Mumbai-based house and some other assets belonging to a company linked to her, officials said. The book value of the attached assets is Rs 78 crore, they said. 
 
The ED is probing Kochhar, her husband Deepak Kochhar and others in a case of alleged irregularities and money laundering in giving loans by the bank to the Videocon group.
 
Chanda Kochhar was accused of breaching the private sector lender’s norms in granting out-of-turn loans of about Rs 3,250 crore to Videocon Group, which allegedly benefited her husband, Deepak Kochhar. 
 
Last month, the Reserve Bank of India (RBI) told the Bombay high court that it acted as per law and that there was no violation of Chanda Kochhar’s fundamental rights by its approval of her termination from ICICI Bank. However, Kochhar's lawyers have claimed that the sacking notice came months after the bank had already accepted her voluntary resignation on October 4, 2018, and therefore the termination was illegal. The next hearing is on January 13.
 
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    Mohan Krishnan

    8 months ago

    Bali paisa kidhar hai?

    Yes Bank's no to Braich's $1.2 bn, to see Citax offer later
    Yes Bank on Friday rejected mysterious investor Erwin Singh Braich's $1.2 billion investment offer but said that it will raise Rs 10,000 crore by issuing securities. The bank on Friday also said it will take up Citax Holdings, and Citax Investment Group's investment offers in the next board meeting.
     
    The private lender said that it received an updated proposal from Braich but the "board has decided not to proceed with the offer" after last month postponing a decision on his binding offer of $1.2 billion -- 60 per cent of the total capital the bank aimed to raise.
     
    A lack of enthusiasm was seen among investors after the bank last month declared the list of prospective investors. Investors' doubts over Braich stemmed from the fact that he has been involved in a number of bankruptcy, lawsuits and failed business deals.
     
    IANS had also reported last month that Braich and his Hong-Kong-based SPGP fund was not even able to pay up Rs 2 crore for earnest money in the Reid & Taylor bid under NCLT earlier this year. The SPGP has also been involved in a few lawsuits, including one against the Canadian government. 
     
    Yes Bank, however, after its 5 hour long board meet on Friday, said that it is willing to "favourably consider the offer of $500 Million of CitaxHoldings and Citax Investment Group and the final decision regarding allotment to follow in the next board meeting.." as "the relevant conditions precedent could not be completed as on date".
     
    In a regulatory filing, Yes Bank said that it will raise funds upto Rs 10,000 crore, in one or more tranches "on such terms and conditions as it may deem fit, by way of issuance of securities including but not limited through Qualified Institutions Placement (QIP) or Global Depository Receipts (GDRs) among other means".
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    pravin banker

    8 months ago

    What a pittance. Dhoot sold his Mozambique gas interest for over a billion US dollars and stashed it offshore even while leaving the bank consortium stuck with many more billions in defaulted loans. Without the help of an ICICI CEO, this would not have been possible.
    Although I must admit that I did like her. Unlike the arrogant "peshwars" who sat atthe top of SBI et al, she was accessible and willing to discuss settlement on bad loans. The worst was STC whose Chairman once threatened me on a recorded line if I ever talked about "baksheesh" payments The STC reported to a former PM when he was Finance Minister

    Edelweiss Admits Hearing from ED, But Says No Transactions with Capstone Forex, Named in the Rs2,000 Crore Scam
    The Edelweiss group in Friday accepted that it had received a communication from the Enforcement Directorate (ED) to appear and provide information about Edelweiss group companies' dealings with a company called 'Capstone Forex Pvt Ltd'. However, it says none of its companies have any transactions with Mumbai-based Capstone Forex, named in the Rs2,000 crore forex scam.
     
    In a regulatory filing, Edelweiss Financial Services Ltd, says “We have received a communication from the ED to appear and provide information about Edelweiss group companies' dealings with a company called 'Capstone Forex Pvt Ltd' We would like to state that none of our companies have any transaction with this company - Capstone Forex Pvt Ltd. We further deny the wild baseless allegations contained in the news items which are apparently attributed to unidentified sources.”
     
     
    Earlier in the day, a report from Business Today , said that the ED has summoned Edelweiss Group founder and chairman Rashesh Shah in connection with a forex scam worth Rs2,000 crore.  
     
     
    In other report, IANS had said, the case pertains to violation of foreign exchange involving Capstone Forex, a Mumbai-based company. “Mr Shah did not turn up for questioning on 9 January 2020 and new summons has been issued against him.”
     
     
    Edelweiss Financial ended Friday 10% down at Rs105.45 on the NSE, while the 50-share Nifty50 closed marginally up at 12,256.
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    COMMENTS

    Mohan Krishnan

    8 months ago

    They should be rewarded with Bharat Bond offers perpetually.

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