ICICI-Videocon case: Troubling days ahead for Chanda Kochhar as ED deepens probe

The Enforcement Directorate (ED) is likely to turn up the heat on former ICICI Bank CEO and MD, Chanda Kochhar in the ICICI Bank-Videocon loan case.

With both probe agencies – the ED and the Central Bureau of Investigation (CBI) — accusing Kochhar of alleged money laundering, receiving illegal gratification, cheating and criminal conspiracy when she was at the helm of affairs at the bank, the spotlight has increasingly been on financial crimes involving top executives of the banking sector.

On Friday, Business Standard newspaper reported that the ED is soon likely to provisionally attach Kochhar’s assets, as part of its investigation. According to the report, the assets are likely to include her South Mumbai apartment, certain shares, and offices of her husband Deepak Kochhar’s companies including Nupower Renewables. The estimated value of the investment is about ₹100 crore, while their market value is around ₹800 crore.

However, persons familiar with the investigation said while the “probe was continuing in the case, any attachment – which the agency would assess in due course – would happen only later.”