The Bombay High Court on Wednesday refused urgent hearing on a petition filed by businessman Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar, seeking quashing of proceedings initiated by the ED against him in an alleged money laundering case. was demanded. . Deepak Kochhar, who was arrested by the Enforcement Directorate (ED) in September last year, had sought urgent hearing in his plea, which claimed that the trial court may frame charges against him on October 1.
However, Justice SK Shinde said he was not inclined to take up the petition for hearing on an urgent basis. “What is so urgent in this case? Why should I give priority to this case? Let the trial court decide the charges. Should I hear cases only because the lower court will proceed? Every case is like that. I am not inclined I am,” Justice Shinde said.
The court posted the petition for hearing on September 22. Deepak Kochhar has challenged an order of a special court hearing filed under the Prevention of Money Laundering Act (PMLA) in which procedure (notice/summons) was issued on the basis of a prosecution complaint (similar to a chargesheet) as well as All consequential proceedings arising out of it.
The businessman has claimed that in 2020, the Statutory Adjudicating Authority under PMLA had categorically stated that the said property was not the proceeds of the offence. However, the ED had suppressed this fact before the special court and obtained an order in their favour. Claimed.
In light of this, Kochhar has demanded quashing of the PMLA court order. The ED is probing the alleged money laundering case related to misappropriation of six high value loans from ICICI Bank to various companies of Videocon Industries Ltd. According to the ED, there is an alleged misappropriation of Rs 300 crore.
The ED has alleged that out of Rs 300 crore loan sanctioned by a committee of ICICI Bank headed by Chanda Kochhar to Videocon International Electronics, Rs 64 crore was transferred by Videocon Industries to another firm, NuPower Renewables Pvt Ltd (NRPL) on September 1. were transferred. 8, 2009, a day after the loan disbursement. NRPL was earlier known as Nupower Renewables Ltd (NRL) and is owned by Deepak Kochhar.
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