Videocon Industries promoter Venugopal Dhoot told the Enforcement Directorate (ED) that Deepak Kochhar had threatened to declare his loans as non-performing assets (NPAs) prematurely and ruin him. Fearing it happen, he transferred the South Mumbai flat shares to Quality Advisors, showing loss in the books of QTAPL of over Rs 3.5 cr.
The ED probe in a money laundering case registered against Deepak Kochhar, his wife and former CEO of ICICI Bank, Chanda Kochhar and Dhoot has revealed the money trail on the suspected quid pro quo between Kochhars and Dhoot for the loans sanctioned to the latter.
Dhoot has revealed that Rs 64 cr were transferred to Deepak Kochhar's company Nupower Renewable Private Limited (NPRL) for sanction of loans from ICICI Bank in 2009.
The ED filed the first charge sheet in Nov-2020 and Dhoot’s statement says that he was forced by Chanda Kochhar to invest in her husband's firm before sanctioning the loan to Videocon group.
Chanda Kochhar was part of the committee which heard the proposals of Videocon for loan.
Videocon Group had made 28 proposals to ICICI Bank and eight were sanctioned. Chanda Kochhar was part of the sanctioning and recommending committee in four such proposals.
Dhoot's statement was recorded thrice by ED officials this year. He alleged that Deepak Kochhar asked him to invest funds in his wind power project and while he required a loan, Deepak Kochhar asked him to meet his wife Chanda Kochhar.
Chanda Kochhar asked him to help Deepak Kochhar in his wind power project and invest in NRPL and when the loan of Rs 300 cr was sanctioned, he transferred Rs 64 cr to NRPL.
If he didn't transfer funds to Deepak Kochhar and accept Chanda Kochhar's deal, the proposal for loan to ICICI Bank would be kept on hold indefinitely. The transfer only happened when ICICI Bank disbursed Rs 300 cr to Videocon Industries.
ICICI Bank sanctioned loans worth Rs 1,875 cr to Videocon Group and the companies associated with it between 2009 and 2011. Most of these loans were in complete violation of banking regulations and ICICI Bank policies.
Chanda Kochhar was the CEO and Managing Director of the ICICI Bank then.
Dhoot's statement mentions that it was a well-devised scheme of Chanda Kochhar as per which, Deepak Kochhar's company received Rs 64 cr of the Rs 300 cr loan from ICICI Bank. The transfer of the Rs 64 cr happened from the Videocon group to NRPL just a day after the disbursement of Rs 300 cr loan from ICICI Bank in 2009.
ED had registered a case on the issue in Jan-2019. An investigation against Deepak Kochhar, Chanda Kochhar, Dhoot and their related companies began following the case registered by Central Bureau of Investigation (CBI) in Jan- 2019.
ED found that loans sanctioned to Videocon group were kept alive by evergreen IMG or refinancing of loans worth around Rs 1,730 cr which turned into NPA in June 2017.
Chanda Kochhar's Suspicious South Mumbai Flat Deal
ED, during its investigation, found that Videocon group had transferred ownership of the flat which was valued Rs 5.25 cr in 2016, to Quality Advisors for just Rs 11 lakh which is a family trust of Chanda Kochhar.
Dhoot, while being questioned by the ED, said it was Deepak Kochhar who had asked him to retain the flat. Deepak Kochhar had threatened to make his loans declared as NPAs prematurely and ruining him.
Fearing the same, he transferred the flat shares to QTAPL to Quality Advisors, showing a loss in books of QTAPL of over Rs 3.5 cr.
The ED has provisionally attached movable and immovable assets worth Rs 78.15 cr consisting of a flat, plot, cash, and machinery of wind farms in Tamil Nadu and Maharashtra belonging to Deepak and Chanda Kochhar.
The proceeds of crime as per ED is around Rs 78.15 cr, which includes Rs 74.54 cr held in the name of NRPL, flat in Mumbai valued at Rs 3.5 cr and an amount of Rs 10.50 lakh seized from a firm of Deepak Kochhar. He is presently in judicial custody.
Dhoot was found equally responsible for the money laundering and siphoning of the funds from the ICICI Bank in name of loans.