InvestorQ : What does the latest ED charge sheet against Chanda Kochhar and Venugopal Dhoot mean for these companies?
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What does the latest ED charge sheet against Chanda Kochhar and Venugopal Dhoot mean for these companies?

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7 months ago
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This latest charge sheet is part of an ongoing investigation that has been in progress for some time now. In a logical culmination of the case, the ED has now filed a charge sheet against the former CEO of ICICI Bank and several key officials on money laundering charges.

The Enforcement Directorate or ED has named Chanda Kochhar, Deepak Kochhar, Virendra Kochhar and Venugopal Dhoot of Videocon group in the money laundering case. Chanda’s husband Deepak Kochhar is already in judicial custody for non-cooperation.

ED has alleged that six loans worth Rs.1875 crore were given by ICICI Bank to the Videocon group and all of them had turned bad. What irked the ED was that Chanda was the final approving authority when there was a clear conflict of interest.

This conflict of interest arose from her husband Deepak Kochhar’s existing business relations with Videocon group. ED has stated that these loans were given with understanding of a quid pro quo for the Kochhar family, which was delivered.

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