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ED raids Chanda Kochhar’s properties

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The Enforcement Directorate (ED) – the agency in charge of probing money laundering cases, conducted raids on Friday morning in at least five office and residential premises in Mumbai and few other locations of beleaguered ex MD & CEO of ICICI Bank, Chanda Kochhar and Videocon promoter Venugopal Dhoot in connection with a bank loan fraud case.

The agency had registered a criminal case under the Prevention of Money Laundering Act (PMLA) earlier this month against Chanda Kochhar, her husband Deepak Kochhar, Venugopal Dhoot and others to probe irregularities and corrupt banking practices in sanctioning loans by ICICI Bank to Videocon Industries to the tune of ₹ 1,875 crore.

It is alleged that Dhoot had invested in Chanda Kochhar’s husband’s company, Nupower, through his firm Supreme Energy, after ICICI Bank, which at that time was headed by Chanda Kochhar, granted loans to Dhoot’s company.

Another agency – the CBI had investigated a complex web of transactions between Nupower and Supreme Energy and conducted raids at the office premises of those firms, however, it had not conducted searches at Chanda Kochhar’s residence. Today’s searches would be the first by any investigative agency at her residence.

Taking cognisance of the findings by CBI, a team of Enforcement Directorate sleuths, assisted by the Police, conducted raids this morning on selected premises to probe whether the alleged kickbacks generated in the loan deal were laundered to create tainted assets.

Prior to these searches, evidence was found that six loans worth ₹ 1,875 crore were sanctioned to the Videocon Group and companies associated with it between June 2009 and October 2011 in an alleged violation of laid down policies of ICICI Bank, which have now become part of the probe. The loans were declared non-performing assets in 2012, causing a loss of ₹ 1,730 crore to the bank.

 

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2019 Lok Sabha polls is about stability versus vulnerability: PM Modi

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Kanyakumari (TN) | Prime Minister Narendra Modi on Friday said the 2019 Lok Sabha election was about offering strength against vulnerability, asserting the BJP-led NDA would provide stability.

Hitting out at the opposition and dynastic politics, Modi said “My only family is 130 crore Indians. I will live for them. I will die for them,” he said.

After launching some projects in the Rail and Road sectors here, Modi also took a dig at Congress leader P Chidambaram, saying the ‘recounting minister’ has to now apply for bail just like the party’s ‘first family’, apparently referring to the Aircel-Maxis deal.

“The 2019 Lok Sabha elections have two distinct sides.

Our side offers strength and stability.

The other offers weakness and vulnerability. Our leaders’ work culture is known across India. But the other side is in confusion. They have no name to offer as national leader and have no vision for India’s growth,” he said.

Modi has been describing the proposed opposition coalition or ‘mahagathbandhan’ as ‘mahamilavat,’ (adulterated).

Recalling the 2009 polls, Modi took a dig at the DMK-Congress coalition, saying ministers were handpicked not by the prime minister but by those who had nothing to do with public service.

“There was telephone bargaining for minister’s posts,” he said.

He said the NDA government took “historic” steps against corruption under which fake companies have been shut.

“The corrupt has to answer. The famous recounting minister, who took pride in treating badly, insulting the middle class, has to apply for bail just like his party’s first family”, he said.

Modi has on more than one occasion described Chidambaram as UPA’s ‘recounting minister’.

Chidambaram, now a Rajya Sabha MP, won the 2009 Lok Sabha election from Sivaganga constituency in Tamil Nadu by a slender margin of 3,354 votes after a seesaw battle.

Confusion had prevailed then as election officials delayed the declaration of the result due to a dispute in the counting of votes in respect of the final round.

Chidambaram, then Home Minister, was declared elected later after the votes were tallied again vis-a-vis the final round.

Modi had made the same “recounting minister” remark during his 2014 Lok Sabha poll campaign and repeated the charge earlier this month at a public rally in Tirpur in the state.

The prime minister said while the NDA government came down heavily on corruption, it was also rewarding the honest tax payers.

“During the budget, exactly a month ago, it was announced that those earning upto Rs five lakh (per annum) will not pay income tax. Those who ruled India for such long years, did not think about middle class,” he said.

Hitting out at the Congress, Modi said it was promoting an economic culture which benefited only the friends and family members of ‘a big dynasty.’

“If there was someone who spoke out about the economic culture of Congress, it was the son of Tamil Nadu C Rajagopalachari.

We are fulfilling the dreams of Rajaji by creating an economy that is reform-oriented and people friendly,” Modi said.

He also accused the opposition of not having any commitment to social justice and alleged atrocities against Dalits happened during the Congress rule.

“Congress got Dr Bhimrao Ambedkar defeated not once but twice. The Congress did not give Bharat Ratna to Ambedkar for 40 years and it did not put Ambedkar’s photograph in the central hall of Parliament,” Modi said.

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