(With agency inputs)

Cash for loan scam: ED attaches assets of Chanda Kochhar, others

NEW DELHI: The Enforcement Directorate on Friday attached assets worth Rs 78 crore of former ICICI Bank managing director and chief executive officer (CEO) Chanda Kochhar and others, in connection with an alleged bank loan fraud and money laundering case.A provisional order under the Prevention of Money Laundering Act (PMLA) has been issued for attachment of the properties that includes Kochhar's Mumbai-based house and some other assets belonging to a company linked to her, officials said.The book value of the attached assets is Rs 78 crore, they said.The Enforcement Directorate (ED) is probing Kochhar, her husband Deepak Kochhar and others in a case of alleged irregularities and money laundering in giving loans by the bank to the Videocon group.Chanda Kochhar was accused of breaching the private sector lender’s norms in granting out-of-turn loans of about Rs 3,250 crore to Videocon Group, which allegedly benefited her husband, Deepak Kochhar.Last month, the Reserve Bank of India (RBI) told the Bombay high court that it acted as per law and that there was no violation of Chanda Kochhar’s fundamental rights by its approval of her termination from ICICI Bank. However, Kochhar's lawyers mentioned that the sacking notice came months after the bank had already accepted her voluntary resignation on October 4, 2018, and therefore the termination was illegal. The matter will be next heard on January 13.