The Enforcement Directorate (ED) arrested Deepak Kochhar, husband of Chanda Kochhar, Former ICICI Bank MD & CEO for Money Laundering case against their companies.The arrest was made in Delhi after the ED questioned him for a few hours.
A criminal case was filed by ED under the Prevention of Money Laundering Act (PMLA) last year against Chanda Kochhar, her husband, and Venugopal Dhoot of Videocon Group alleging irregularities in sanction of loans of ₹1,875 crore by ICICI Bank.
Deepak and Chanda have been questioned by central probe agency in a case of alleged irregularities and money laundering in giving bank loans to the Videocon group. The ED, early in 2020, also attached assets worth Rs 78 crore “in possession of” Chanda Kochhar, Deepak Kochhar and the companies owned and controlled by him.
Chanda kochhar was removed from ICICI Bank on October 4,2018.
Notably, Deepak Kochhar’s arrest is the first in the multi-agency investigation launched against his wife in January last year for decisions taken by her as the head of a private bank in giving loans to the Videocon Group in lieu of bribes allegedly paid in their companies.
“The investigation revealed that Rs 64 crore, out of loan of Rs 300 crore sanctioned by a committee headed by Chanda Kochhar to Videocon International Electronics Limited, was transferred to Nupower Renewables Pvt Ltd (NRPL, earlier known as NuPower Renewables Limited, a company of Deepak Kochhar, husband of Chanda Kochhar) by VIL on September 8, 2009, just one day after disbursement of loan by ICICI Bank. Further, net revenue of Rs 10.65 crore was generated by NRL from these tainted funds. Therefore, proceeds of crime amounting to Rs 74.65 crore were transferred to/generated in NRPL,” ED had said.
“It is noticed that Chanda Kochhar and Venugopal N Dhoot are known to each other whereas family members of Chanda Kochhar are having joint holding in certain companies with the persons of Videocon group viz in NRPL (NuPower Renewables Pvt Ltd) and SEPL (Supreme Energy Pvt Ltd). The nexus is evident from the changes in the shareholding patterns in the specified companies into and amongst such persons under a design and plan,” said an ED report in possession of HT.
Moreover,The Central Bureau of Investigation (CBI) is also investigating Chanda Kochhar and Deepak Kochhar for alleged corruption.