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ED attaches assets worth Rs 78 crore, shares belonging to Chanda Kochhar

As per book value, total worth of the attached assets is estimated to be above Rs 78 crore, but their market value is expected to be much higher

twitter-logo BusinessToday.In        Last Updated: January 10, 2020  | 20:38 IST
ED attaches assets worth Rs 78 crore, shares belonging to Chanda Kochhar
ED action against Chanda Kochhar

The Enforcement Directorate has provisionally attached assets and shares belonging to Chanda Kochhar on Friday in relation to the ICICI Bank-Videocon loan scam. As per book value, total worth of the attached assets is estimated to be above Rs 78 crore, but their market value is expected to be much higher.

"Enforcement Directorate has provisionally attached movable and immovable assets consisting of flat, land, cash, plant and machinery located in Tamil Nadu and Maharashtra totalling to Rs 78.15 crore in possession of accused Chanda Kochhar, Deepak Kochhar and the companies owned /controlled by Deepak Kochhar, under Prevention of Money Laundering Act, 2002 in ICICI Bank loan case," the central probe agency said in a statement.

ALSO READ:Reserve Bank defends its nod for Chanda Kochhar's sacking from ICICI Bank

Further investigation in this case is under progress, the ED further stated.

The Enforcement Directorate (ED) is investigating allegations against ICICI Bank that it illegally sanctioned loans to Videocon Group when Chanda Kochhar was at its helm. The case filed by the central agency claims that loans to the tune of Rs 1,875 crore were extended to the Venugopal Dhoot-led company in 2017.

The allegations also point out that companies controlled by Chanda's husband Deepak Kochhar received kickbacks from Videocon in lieu of loans from ICICI Bank.

WATCH THIS:Videocon loan case: ED attaches Chanda Kochhar's assets worth Rs 78 crore

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