Businessman Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar has been remanded to Enforcement Directorate (ED) custody until September 19. He was arrested on Monday in connection with the alleged money laundering in a deal between ICICI and Videocon Group.
The agency arrested Kochhar on Monday at around 8:30 pm after a round of questioning which started at noon. He was then produced in the court on Tuesday and was sent to ED custody for 14 days.
A criminal case was filed against him under the Prevention of Money Laundering Act (PMLA). In June this year, ED provisionally attached assets worth Rs. 78.15 crore belonging to Chanda and Deepak Kochhar in Maharashtra and Tamil Nadu.
An FIR was registered by the Central Bureau of Investigation (CBI) in January 2019 against the couple for defrauding ICICI Bank and sanctioning loans of approximately Rs.1,875 crores to Videocon Industries Limited (VIL) and its group companies which afterwards became Non-performing Assets (NPA) in 2017, causing loss to the bank.
The Kochhars are probed by the Income Tax Department and the Serious Force Investigation Office of the Ministry of Corporate Affairs. Probes by the tax department and the corporate affairs ministry alleges that an amount of Rs. 64 crore, purportedly paid from a loan of ₹300 crores was sanctioned by a committee headed by Chanda Kochar to Videocon International Electronics Limited. The amount was transferred by Videocon Industries Limited on September 8, 2009, just one day after disbursement of loan by ICICI Bank.
ED claimed that Chanda Kochhar through her family trust has acquired an apartment in Mumbai that was owned by Videocon group companies at a nominal price.