new Delhi. The Enforcement Directorate (ED) on Monday took a major action and arrested Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar, in a videocon loan case. A top ED official said, “Deepak Kochhar has been arrested under the Prevention of Money Laundering Act after a day-long questioning.”
He has been arrested by the Mumbai branch of the Financial Investigation Agency.
A money laundering case was registered by the ED last year on the basis of a complaint lodged by the CBI against Videocon director Venugopal Dhoot, his companies (Videocon International Electronics Limited and Videocon Industries Limited). Along with this, ED had also filed a complaint against former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar. Nearly a year after that action, the ED has now arrested Deepak Kochhar.
Earlier this year, ED attached Rs 78.15 crore of movable and immovable assets of the former managing director and CEO of ICICI Bank, her husband and the companies controlled / owned by him.
The case relates to an investigation into alleged irregularities in granting bank loans to Videocon Group and money laundering.
During the investigation, it was revealed that a loan of Rs 1,730 crore sanctioned to Videocon Industries Limited (VIL) and its group companies was refinanced and fresh loan and these loans were non-performing for ICICI Bank on March 30, 2017. Became assets (NPAs).
The investigation revealed that out of the Rs 300 crore loan sanctioned to Videocon International Electronics Limited by a committee headed by Chanda Kochhar, Rs 64 crore was on September 8, 2009 by Deepak Kochhar-owned Nupower Renewables Private Limited (formerly Nupower Renewables Limited ). Videocon transferred the amount a day after the loan was approved. After this, Deepak Kochhar’s company earned a revenue of Rs 10.65 crore from this amount.
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