The Appellate Tribunal underneath the Prevention of Money Laundering Act has discovered a “prima facie case” within the matter allegedly involving the previous Chief Executive Officer of ICICI Bank Chanda Kochhar and others.
In a latest order partially confirming the Enforcement Directorate’s asset attachment, whereas listening to the company’s attraction in opposition to an order of the Adjudicating Authority, the Appellate Tribunal noticed: “It may be true that the issue will be determined by the trial court but we find a prima facie case against the respondents for commission of the offence of money laundering and, therefore, the provisional attachment order is justified.”
After contemplating the submissions of each the edges, the Tribunal stated: “…we cause interference in the impugned order passed by the Adjudicating Authority other than for attachment of ₹10.50 lakhs not confirmed by the Adjudicating Authority. It is accordingly set aside other than for a sum of ₹10.5 lakhs attached by the appellant. The Provisional Attachment Order dated 10.01.2020 for the properties other than for ₹10.5 lakhs is confirmed”.
The ED had challenged the order dated November 6, 2020, handed by the Adjudicating Authority. Its case relies on a primary info report registered by the Central Bureau of Investigation on January 22, 2019.
As famous within the order, the allegation in opposition to the accused was concerning the prison conspiracy, dishonest, unlawful gratification, prison misconduct and abuse of official place by the general public servant. It was for sanction of mortgage to Videocon Group of Companies in contravention of the Rules and insurance policies of the ICICI Bank.
The mortgage granted to the Videocon Group of Companies for a sum of ₹1,730 crores turned Non-Performing Assets (NPA) and resulted in wrongful loss to the ICICI Bank and purported wrongful achieve to the debtors and the accused individuals.
