ICICI Bank- Videocon loan case: Proceeds of crime, foreign transactions under ED lens
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The Enforcement Directorate (ED), which recently filed a charge-sheet in ICICI- Videocon loan case, will further continue the investigation in the country and abroad as well.

The agency filed the charge-sheet against former managing director and CEO of ICICI bank Chanda Kochhar, her husband Deepak Kapoor and Videocon Group chairman Venugopal Dhoot.

Investigations under Prevention of Money Laundering Act (PMLA) revealed that loans were refinanced and new loans aggregating to Rs 1,730 crore were sanctioned to Videocon Industries Limited (VIL) and its group companies and these loans became Non-Performing Assets (NPA) for ICICI Bank on June 30, 2017.

Investigation further revealed that Rs 64 crore of the amount of Rs 300 crore sanctioned by a committee headed by Chanda to M/s Videocon International Electronics Limited, was transferred to M/s Nupower Renewables Pvt. Ltd. (NRPL), earlier known as M/s NuPower Renewables Limited, a company of Deepak Kochhar, by the VIL on September 8, just a day after the disbursal of loan by the ICICI Bank.

The agency appraised the special PMLA court about the investigation underway over transactions in the country and abroad. “The investigation in and outside India in respect of Letters of Requests to four countries, analysis of seized digital devices, benefits drawn by NRPL or its subsidiaries from the property acquired from proceeds of crime (post March 31, 2010) and other aspects (loans given by ICICI bank, suspected funds received in NRPL from various entities (including M/s Firstland Holding Limited, Mauritius; DH renewables holdings limited, Mauritius and others) and their source, proceeds of crime available with Videocon group/Dhoot, acquisition of Supreme Energy (SEPL) by Pinnacle energy and others) is still in progress,” the agency stated in the charge-sheet.

The PMLA defines proceeds of crime as “any property derived or obtained, directly or indirectly, by any person as a result of criminal activity relating to a scheduled offence or the value of any such property”.

It further added, “The complainant craves leave of this honorouble court for filing further supplementary complaint (s) under PMLA on the basis of the outcome of ongoing investigation in and outside Indian in due course of time,”

ED stated that Chanda was instrumental and knowingly a party in generation and acquisition of proceeds of crime. Deepak and Dhoot have been accused of creating structures to layer the transfers of proceeds of crime. “Deepak is/was beneficial owner and controller of NRPL since incorporation and managing director of its subsidiaries. He utilized the proceeds of crime amounting to Rs 64 crore received in NRPL from Dhoot for acquisition of property (wind farms),” the agency said, citing investigations.

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