The Law Enforcement Directorate (ED) on Monday arrested Deepak Kochhar, husband of former ICICI bank CEO Chanda Kochhar, in connection with the ICICI bank loan case.
A senior ED official told IANS: “Deepak Kochhar was arrested under the Prevention of Money Laundering Act after a one-day interrogation. He was arrested by the Mumbai branch of the financial polling agency.
The action comes nearly a year after the ED filed a money laundering case last year based on a CBI complaint against Videocon director Venugopal Dhoot, his companies (Videocon International Electronics Ltd and Videocon Industries Ltd), as well as former ICICI Bank CEO Chanda Kochhar and her husband Deepak.
Earlier this year, the ED provisionally attached Rs 78.15 crore to the value of movable and real estate assets in the possession of the former managing director and CEO of ICICI Bank, her husband and the companies he owned / controlled.
During the investigation, it was revealed that loans had been refinanced and that new loans totaling Rs 1,730 crore had been sanctioned to Videocon Industries Ltd (VIL) and its group companies and that these loans had become non-performing assets (NPA) for ICICI Bank on June 30, 2017.
The investigation further revealed that an amount of Rs 64 crore, out of the Rs 300 crore loan sanctioned by a committee headed by Chanda Kochhar to Videocon International Electronics Ltd, was transferred to Nupower Renewables Pvt Ltd (NRPL, previously known under the name NuPower Renewables Ltd, a company of Deepak Kochhar) by VIL on September 8, 2009, just one day after the loan was disbursed by ICICI Bank.
In addition, net income of Rs 10.65 crore was generated by NRL from these contaminated funds. Therefore, proceeds of crime amounting to Rs 74.65 crore were transferred / generated in NRPL.
The investigation also revealed that Chanda Kochhar and his family acquired an apartment in Mumbai belonging to one of the companies of the Videocon group, acquiring this company through his family trust at a nominal price by creating accounting entries. .
As a result, assets in the amount of Rs 74.54 crore held in the name of Nupower Renewables Pvt Ltd, its subsidiaries, the apartment located in Mumbai (book value of Rs 3.5 crore) and an amount of Rs 10.5 lakh already seized by ED from the company Deepak Kochhar, totaling Rs 78.15 crore being proceeds of crime were provisionally attached by ED under PMLA. – IANS