Deepak Kochhar, husband of former ICICI Bank MD & CEO Chanda Kochhar was remanded to Enforcement Directorate custody till September 19 for questioning related to the ICICI Bank-Videocon money laundering case on Tuesday a Special PMLA court in Mumbai.
He was arrested yesterday in relation to the case which is about the alleged misappropriation cited in loans of ₹1,875 crore given by ICICI Bank to Videocon.
“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, “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,” the ED had said earlier.
The accusations led to the resignation of Chanda Kochhar two years ago and a case under the Prevention of Money Laundering Act (PMLA) was registered against the couple. In January their assets worth ₹78.15 crores were provisionally attached under the act.
