ICICI Bank’s former CEO Chanda Kochhar’s husband Deepak Kochhar arrested by ED over money laundering charges

The Enforcement Directorate (ED) on Monday i.e. 7th September arrested Deepak Kochhar, the husband of ICICI Bank’s former chief executive officer Chanda Kochhar.

Kochhar is being investigated by the CBI (Central Bureau of Investigation) and ED for alleged corruption and money laundering and has been named an accused along with her husband in the FIR filed by the former. Both of them have been questioned by the ED multiple times.Chanda Kochhar is being probed for alleged irregularities in the granting of loans to the Videocon Group.

Advertisement

These loans were approximately Rs 2,870 crore (April, 26, 2012, to VIL [Videocon Industries Limited] and its group companies); the most recent was on June 28, 2017 (Rs 166.4 crore to VIL).

CBI and ED both alleged that the payment of Rs 64 crore into a Deepak Kochhar company, NuPower Renewables, in 2009 was a quid pro quo from Dhoot for a loan to VIL.

Other big loans now being investigated by ED include a Rs 536 crore loan to VIL on September 15, 2016; a Rs 881.4 crore loan, also to VIL, on October 31, 2011; Rs 236 crore to VIL on December 23, 2015; and Rs 180 crore to Videocon Hydrocarbons Holdings Ltd on September 30, 2014.