ED arrests Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar, on money laundering charges
New Delhi | Jagran Business Desk: The Enforcement Directorate on Monday arrested Deepak Kochhar, the husband of ICICI Bank’s former chief executive officer Chanda Kochhar, in connection with a money laundering case between the bank and the Videocon Group. The probe agency said Kochhar was arrested in Mumbai under sections of the Prevention of Money Laundering Act Ms. Kocchar, during her term as ICICI Chief, allegedly extended high-value loans to Videocon Industries in lieu of investments made in Deepak Kocchar's company NUPower Renewables Ltd.
Deepak Kochchar was arrested after the latest round of questioning pertaining to fresh evidence that the agency has stumbled upon recently, The Economic Times reported.
The investigating agency had filed a criminal case under the Prevention of Money Laundering Act last year against Kochhar, her husband, and Videocon Group’s Managing Director Venugopal Dhoot. They have been booked in quid pro quo case involving loan irregularities worth Rs 3,250 crore.
The CBI has also accused Ms. Kochhar of receiving "illegal gratification" through her husband for sanctioning loans to Dhoot and his company.
The couple has been questioned by the central probe agency in a case of alleged irregularities and money laundering in giving bank loans to the Videocon group.
The ED, early this year, also attached assets worth Rs 78 crore "in possession of" Chanda Kochhar, Deepak Kochhar and the companies owned and controlled by him
Kochhar took charge as the chief of ICICI Bank on May 1, 2009, and between June 2009 and October 2011, ICICI Bank reportedly sanctioned six high-value loans to various Videocon companies.
The ED is also probing at least two other instances of loans sancitioned by ICICI Bank during Chanda Kochhar’s tenure. One of them was granted to Gujarat-based pharmaceutical firm Sterling Biotech and another to Bhushan Steel Group
Posted By: Rakesh Kumar Jha