Deepak Kochhar: Bombay High Court denies urgent plea hearing of businessman Deepak Kochhar

The Bombay High Court on Wednesday refused to take up an urgent plea filed by Deepak Kochhar, businessman and husband of the former CEO of Chanda Kochhar, seeking to quash proceedings against him by the ED in an alleged case of money laundering. Deepak Kochchar, arrested by the Directorate of Enforcement (ED) in September last year, called for an emergency hearing in his plea claiming the trial court is likely to lay charges against him on October 1.

Judge SK Shinde noted, however, that he was not inclined to deal with the request for a hearing as a matter of urgency. “What is so urgent about this case? Why should I prioritize this case? Let the trial court lay charges. Should I hear the cases just because the court trial will proceed? Every case is like that. I am not inclined, “the judge judge. said Shinde. The court released the plea hearing on September 22.

Deepak Kochhar challenged a special tribunal hearing order filed under the Prevention of Money Laundering Act (PMLA) in which a process (notice / summons) was issued based on a complaint (similar to an indictment) as well as all the proceedings that flow from it. arising from the same.

The businessman claimed that in 2020 the statutory judicial authority under the PMLA made it clear that the said property was not the proceeds of crime. However, the ED had suppressed the fact in the special court and obtained an order in their favor, he said. In light of this, Kochhar requested that the PMLA court order be set aside.

The alleged money laundering case investigated by the ED involved the siphoning of six high value loans from ICICI Bank to various companies of Videocon Industries Ltd. According to the ED, the alleged siphoning amounts to Rs 300 crore. The ED alleged that Rs 64 crore, on a loan of Rs 300 crore sanctioned by a committee of ICICI bank headed by Chanda Kochhar to Videocon International Electronics, was transferred to another company, Nupower Renewables Pvt Ltd (NRPL), by Videocon Industries in September. 8, 2009, one day after the loan was disbursed. NRPL was previously known as Nupower Renewables Ltd (NRL) and is owned by Deepak Kochhar.

Comments are closed.