Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar has been remanded to Enforcement Directorate custody till September 19. The ED had arrested Deepak, head of the company NuPower Renewables, on Monday in connection with the ICICI Bank-Videocon case. He was produced before the special Prevention of Money Laundering Act (PMLA) court today at noon.
The case pertains to the alleged misappropriation of loans given by ICICI Bank to Videocon. The ED and the CBI have been investigating the Kochhar couple on suspicion of cheating, criminal conspiracy, and money laundering.
The money laundering case is based on CBI’s 2019 FIR against the couple and others for defrauding ICICI Bank by granting loans illegally in lieu of bribe/kickback.
In January, the ED had provisionally attached assets worth Rs 78 crore belonging to Chanda Kochhar, her husband, and the companies owned or controlled by him in Tamil Nadu and Maharashtra.
Officials had said Deepak Kochhar was placed under arrest as the agency wants to put him under custodial interrogation to obtain more details about some fresh evidence gathered in this case, that was filed under the criminal sections of the anti-money laundering law in January last year, PTI reported.
ED initiated an investigation after registering a case under PMLA on the basis of FIR for illegal sanctioning of loans amounting to ₹1,875 crore to Videocon Group of companies.
During the investigation, ED found that a committee headed by Chanda Kochhar had sanctioned Rs 300 crore loan to Videocon. Out of that, Rs 64 crore was transferred to NuPower Renewables by Videocon International Electronics Limited on September 8, 2019.