Deepak Kochhar, husband and businessman of former ICICI Bank CEO Chanda Kochhar, has been sent to the Enforcement Directorate (ED) custody by September 19 in a special court in a money laundering case. Deepak Kochhar was arrested on Monday in the ICICI Bank-Videocon money laundering investigation case. Investigation agency officials had said that the agency wanted to inquire about some new evidence in this case of Deepak Kochhar in his custody. In January last year, a case was filed against Kochhar under criminal sections of the Anti Money Laundering Act.
The ED has taken this action in the case of loans given in 2012. In fact, in 2012, Venugopal Dhoot, head of Videocon Group, was given a loan of Rs 3250 crore from ICICI Bank. This loan was a part of a total of 40 thousand crores which was taken by Videocon Group from 20 banks under the leadership of SBI. Kochhar and his wife and former ICICI Bank CEO Chanda Kochhar and Videocon Group chairman Venugopal Dhoot are the main accused in the money laundering case. Additional Solicitor General Anil Singh, Advocate of the ED, demanded the custody of Kochhar. He said that Kochhar is not cooperating in the investigation.
ED’s investigation revealed that while Chanda Kochhar was associated with ICICI Bank, out of a loan of Rs 300 crore sanctioned to Videocon International Electronics Limited by a committee headed by him, Videocon raised Rs 64 crore to NewPower Renewables Private Limited. Transferred on September 2009. This was done on the second day of loan disbursement from ICICI Bank.
NuPower Renewables (NRPL, old name NewPower Renewables Limited) is the company of Deepak Kochhar, husband of Chanda Kochhar, which was co-founded by Venugopal Dhoot, Deepak Kochhar and two other relatives. The ED had said that NewPower Renewables further generated net revenue of Rs 10.65 crore from the funds received. It is alleged that financial benefits were provided to the family members including Deepak Kochhar on behalf of the borrowers. Chanda Kochhar had to resign in October 2018 in connection with alleged misappropriation of loans to Videocon.
The property was seized in January
ED is investigating against the irregularities in the loan case given by Videocon Group to ICICI Bank and Chanda Kochhar, her husband Deepak Kochhar and many others in the money laundering case. A few days ago a lookout notice was issued against Dhoot, Chanda Kochhar and her husband. In January this year, ED took a big action against Chanda Kochhar and her family and seized property worth Rs 78 crore. This included Kochhar’s flat in Mumbai and some of her husband’s properties.
#ICICI #BankVideocon #case #Deepak #Kochhar #remain #custody #September