Former ICICI Bank MD and CEO Chanda Kochhar and her husband Deepak Kochhar have challenged the appellate tribunal order in the case relating to the attachment of their properties by ED in Bombay High Court, Bar & Bench reported.
The attachment of properties by the Enforcement Directorate in excess of Rs 70 crore was upheld under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act (SAFEMA).
The Enforcement Directorate had moved the Appellate SAFEMA Tribunal after the adjudicating authority under PMLA refused to confirm the entire attachment.
The tribunal noted that the Kochhars had received a bribe of Rs 64 crore in the form of a loan to NuPower Renewables by Videocon. NuPower Renewables is a company run by Deepak Kochhar.
The investigative agencies termed the Rs 64 crore loan as a quid pro quo after the Videocon Group got a Rs 300 crore loan from ICICI Bank which was headed by Chanda Kochhar.
The tribunal had overturned a ruling by the adjudicating authority ordering release of attached assets stating that it had ignored crucial evidence and based its findings on "irrelevant considerations" regarding the role of Deepak Kochhar in running NuPower Renewables.
The tribunal observed that the financial transactions along with the transfer of a flat in South Mumbai were proceeds of crime. The tribunal also observed that the role of Chanda Kochhar in finalisng the loan to Videocon, her active involvement, and lack of disclosure raised serious concerns.
The case will be heard next on December 16.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
