Chanda Kochhar's 78 crore assets in the Trench: Market value of properties 600 crores

New delhi date. January 10, 2020, Friday

In the Enforcement Directorate (ED) videocon loan case, Chanda Kochhar, former managing director and CEO of AICICI Bank, and her husband, Deepak Kochhar, have acquired assets worth Rs 78 crore. However, the market value of these properties is being shown at over Rs 600 crore.

Among the properties taken in the tank, Rs 74 crore worth of subsidiary including Rs 3.5 crore South Mumbai-based apartments, Deepak Kochar's Nupower Renewables and its wind farms, Ichanda Energy Pvt.

Besides, cash amount of Rs 10.5 lakh has also been seized. ED sources said that the agency had ordered Chanda Kochi property to be encroached under the Prevention of Money Laundering Act.

The case was filed against Chanda Kochhar in January, 2019, a year ago. Eight people, including Kochhar, have been accused of lending money to a videocon group in ICICI Bank for allegedly committing malpractice.

An FIR lodged by the police said that Kochhar had violated the rules and provided a loan of Rs 1875 crore to Videocon Group. In turn, the Videocon group invested money in Chanda Kochhar's husband, Deepak Kochhar's company, NoPower Renewables.

It may be recalled that the ED had called Chanda Kochhar and her husband Deepak Kochhar several times for questioning. EDA Chanda Kochhar, his family and Videocon group Venugopal Dhoot raided complexes in Mumbai and Aurangabad.