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The Appellate Tribunal under SAFEMA upheld the ED’s decision to seize former ICICI Bank CEO Chanda Kochhar’s assets, including a prime flat in Mumbai.
Former ICICI Bank CEO Chanda Kochhar.
Chanda Kochhar Loan Case: In a significant development for former ICICI Bank CEO Chanda Kochhar, the Appellate Tribunal under SAFEMA has upheld the Enforcement Directorate’s (ED) decision to seize her assets. The Tribunal confirmed that a Rs 64 crore payment connected to a Rs 300 crore loan to Videocon was illicit.
This decision reverses a previous ruling, enabling the ED to confiscate Kochhar’s properties, including a prime flat in Churchgate, Mumbai, labelling them as “proceeds of crime.”
Kochhar was found guilty of approving loans while hiding a serious conflict of interest, and the Tribunal criticised her for gross misconduct.
The flat was discovered to have been transferred through a network of Videocon-related companies to Kochhar’s family trust at an undervalued price of Rs 11 lakh.
Of the seized assets, only Rs 10.5 lakh in cash was returned to Kochhar after she provided records tracing its origin.
This is a developing story.
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al…Read More
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al… Read More
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