ED (Enforcement Directorate) takes Deepak Kochhar to special PMLA court

Former ICICI Bank MD and CEO Chanda Kochhar’s husband Deepak Kochhar, who was arrested by the ED (Enforcement Directorate) yesterday in ICICI Bank-Videocon case, was on Tuesday i.e. 8th September taken to a special PMLA court in Mumbai.

The economic offences watchdog had yesterday arrested Deepak Kochhar in the matter. A team of ED officials were today seen escorting Deepak Kochhar from the ED office in Mumbai to a special PMLA court.

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The ED had said earlier, “The investigation revealed that ₹64 crore, out of the loan of ₹300 crore sanctioned by a committee headed by Chanda Kochhar to Videocon International Electronics Limited, was transferred to Nupower Renewables Pvt Ltd (NRPL, earlier known as NuPower Renewables Limited, a company of Deepak Kochhar, husband of Chanda Kochhar) by VIL on September 8, 2009, just one day after disbursement of loan by ICICI Bank.”

It had also said, “Further, net revenue of ₹10.65 crore was generated by NRL from these tainted funds. Therefore, proceeds of crime amounting to ₹74.65 crore were transferred to/generated in NRPL.”