The Enforcement Directorate (ED) has accused former managing director and CEO of ICICI bank Chanda Kochhar for money laundering and “being actually involved and knowingly a party in the acquisition of the proceeds of crime through the company of her husband and her family trust.” The agency probe has revealed that the cleaner, office boy and gardener were appointed as "dummy directors" for the alleged crime.
The agency has begun the investigations in the case based on a complaint of a whistleblower stating that Videocon Group chairman Venugopal Dhoot had transferred his personal stake in to Chanda’s husband Deepak Kochhar’s Nupower Renewables Private Limited (NRPL) in a quid pro quo for a loan extended by ICICI Bank to Videocon. The agency alleged that Dhoot had invested in Deepak’s NuPower through his firm Supreme Energy Private Limited (SEPL).
The ED recently filed the chargesheet, called prosecution complaint in ED’s parlance, before a special Prevention of Money Laundering Act (PMLA) court. ED has alleged that Chanda headed the committee of ICICI bank, which sanctioned the loan of Rs 300 crore to Videocon International Electronics Limited (VIEL) on August 26, 2009, which was disbursed on September 7, 2009. On the next day itself, Rs 64 crore out of the loan funds were transferred by VIEL to NRPL, a company of her husband Deepak. “If the loan proposal of Rs 300 crore of VIEL had not been sanctioned/disbursed by ICICI bank, Dhoot would not have transferred funds to NRPL. The loans sanctioned to Videocon group ultimately turned Non-Performing Assets and resulted into loss to ICICI bank,” the agency noted.
ED has further stated, “She (Chanda) is residing in the flat at Churchgate, which was acquired by her family trust, quality advisor, from Videocon group or Dhoot for Rs 11 lakh only.”
ED stated that Chanda was instrumental and knowingly a party in generation and acquisition of the proceeds of crime. Deepak and Videocon chief Venugopal Dhoot have been accused of creating structures to layer the transfers of the proceeds of crime. “Deepak is/was beneficial owner and controller of NRPL since incorporation and managing director of its subsidiaries. He utilised the proceeds of crime amounting to Rs 64 crores received in NRPL from Dhoot for acquisition of property (wind farms),” the agency said, citing investigations.
The agency investigations revealed that Dhoot did not utilize the loan funds received by Videocon Industries Limited (VIL) through VIEL from ICICI bank for the intended purpose. Deepak is accused of appointing his employees, employees of (Videocon Industries Limited (VIL) and his relatives as “shadow/dummy directors on the board of companies who knew nothing about the affairs of the companies.”
Citing examples, the agency stated that Sharad Mhatre, director of SEPL, is 10th fail and director in 2-3 companies associated with Deepak. The agency recorded the statement of Kesharmal Gandhi, director of Indian Refrigerator Company Limited (IRCL), one of the firms linked with Dhoot which was under the ambit of probe for alleged layering of funds. “Since 1994, he (Gandhi) has been working as a cleaner at the bungalow of Dhoot located at Ahmednagar. He was neither aware about a company named IRCL nor aware about his directorship in IRCL and others,” the agency probe revealed. One Laxmikant Katore, erstwhile director of Real Cleantech Private Limited (RCPL), another firm probed, worked as a gardener in M/s Videocon International during the period 2001 to August 2016. He has not invested any funds in RCPL and used to sign documents on directions of an official of Dhoot’s company. He only received a salary of Rs 10,000 as gardener and has not received any benefit being director.
