Business Standard was first to report this on January 9.
The federal agency has issued provisional attachment order of proceeds of crime under the Prevention of Money Laundering Act (PMLA) which will be valid for 180 days until the court confirms it and allows the ED to make a final confiscation on the ground that the said assets were created out of proceeds of money laundering.
The acquisition of the current family residence of Kochhar at South Mumbai is quite complex involving Deepak Kochhar
and firms linked to Videocon group. "Flat no 45, CCI chambers held in the books of Quality Techno Advisors Private (QTAPL) and the share certificate is in possession of Chanda Kochhar
and her family," ED pointed out in the attachment order.
Interestingly, this South Mumbai apartment was owned by an entity QTAPL of the Videocon group between 2009 and 2016. During this period, no rent was paid and no consideration was given for such residence.
Further, the apartment seems to have been transferred in 2009 to the Videocon group presumably to satisfy a liability of Deepak Kochhar or his business Credential Finance Limited (CFL), owed to Videocon group. It was subsequently re-acquired by Deepak Kochhar (indirectly by the family Trust acquiring 100 per cent of QTAPL which owned the house) for nominal consideration.
The said transactions, rent-free residence at the apartment and the transfer of the apartment for nominal consideration, were in arrangement with a borrower group (Videocon) of the ICICI Bank for inadequate or no consideration.