Deepak and Chanda Kochhar Challenge ED’s ₹70 Crore Asset Attachment in Bombay High Court

Former ICICI Bank MD & CEO Chanda Kochhar and her husband Deepak Kochhar have approached the Bombay High Court challenging the ED’s attachment of their properties in the Videocon-linked money laundering case.

The matter arises after the ED appealed to the Appellate SAFEMA Tribunal when the adjudicating authority under the PMLA declined to confirm the entire attachment.

The tribunal upheld the forfeiture under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, finding that a ₹64 crore loan to NuPower Renewables from Videocon reflected a quid pro quo following a ₹300 crore ICICI loan, and treating related transactions and a South Mumbai flat as proceeds of crime. 

The matter is listed for December 16.

[Deepak Kochhar & Ors. v. Enforcement Directorate & Ors.]