Former CEO of ICICI Bank Chanda Kochhar was alleged to have facilitated the loan of Rs 3,250 crore to Videocon Group which invested in company of Deepak Kochhar.
Mumbai| The Enforcement Directorate (ED) today arrested Deepak Kochhar, husband of former ICICI Bank MD and CEO Chanda Kochhar, in the ICICI Bank-Videocon case. The ED is investigating Chanda Kochhar and her husband in connection with the money laundering by Videocon Group on behalf of ICICI Bank. Many others, including Videocon Group chairman Venugopal Dhoot, are also under investigation.
The top ED official was quoted by a news agency as saying that Deepak Kochhar has been arrested under the Prevention of Money Laundering Act (PMLA) after a day-long interrogation. He was arrested by the Mumbai branch of the Financial Investigation Agency.
Former CEO of ICICI Bank Chanda Kochhar was alleged to have facilitated the loan of Rs 3,250 crore to Videocon Group. Chanda Kochhar is accused of discrimination and benefiting Videocon Group. The ED had registered a criminal case in this case in February 2019. Under this, seizure action was taken.
ED had attached assets worth Rs 78 crore to Chanda Kochhar in January this year. These included Chanda’s home in Mumbai and the assets of her associated company. ED officials had said that a warrant was issued against Kochhar.
ICICI Bank gave a loan of Rs 3,250 crore to five companies of Videocon Group in April 2012. The group did not repay 86% of the loan, ie Rs 2810 crore. The loan was then declared NPA in 2017. The loan sanctioning committee included Chanda Kochhar. It is also alleged that Videocon Group MD Venugopal Dhoot had invested money in Deepak Kochhar’s company NuPower Renewables.
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