The Enforcement Directorate (ED) has arrested Deepak Kochhar, the husband of former ICICI Bank CEO Chanda Kochhar, in a case related to money laundering. Officials said on Monday that the agency arrested Deepak under sections of the Prevention of Money Laundering Act in Mumbai.
The agency has been questioning the Kochhar couple in connection with alleged irregularities in loaning the bank to Videocon Group and money laundering. Earlier this year, the ED attached assets worth Rs 78 crore belonging to Chanda Kochhar, Deepak Kochhar and companies owned and controlled by them. On January 24, 2019, the CBI registered an FIR against Chanda Kochhar, her husband Deepak Kochhar, Videocon Group Managing Director VN Dhoot and others in the Videocon loan case.
After this, the ED also started investigating the case under the Money laundering Act. After investigation, the ED confirmed that former ICICI CEO Chanda Kochhar and her family received a bribe of Rs 500 crore in exchange for loan offers. The ED has already questioned Chanda Kochhar and her husband Deepak Kochhar and Videocon chairman Venugopal Dhoot in a loan of Rs 3250 crore.
It is alleged that Videocon had invested Rs 64 crore out of the loan of Rs 3250 crore from ICICI Bank in Chanda Kochhar's husband Deepak Kochhar's company NuPower. The ED is investigating the money trail after the disclosure of this transaction by both companies.
According to the ED, Deepak Kochhar's Nu Power received Rs 64 crore in 2010 through a shell company owned by Venugopal Dhoot, in return for which ICICI got a loan of Rs 1575 crore between 2009 and 2011 to Dhoot's company. After this, in 2010, a Mauritius company of Nunishant Kanodia, invested Rs 325 crore in NuPower. Nishant Kanodia is the son-in-law of Ravi Ruia, promoter of Essar Group.