New Delhi / Mumbai, September 7
The Directorate of Enforcement (ED) arrested Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar, in connection with the ICICI Bank loan case.
A senior official from the Department of Education told IANS: “Deepak Kochhar has been arrested under the Prevention of Money Laundering Act after a one-day questioning.” He was arrested by the Mumbai branch of the financial investigation agency.
The action comes nearly a year after the ED filed a money laundering case last year based on a complaint filed by the CBI against the director of Videocon Venugopal Dhoot, its companies (Videocon International Electronics Ltd and Videocon Industries Ltd), as well as the former ICICI. The bank’s CEO, Chanda Kochhar, and her husband Deepak.
Earlier this year, ED provisionally attached movable and immovable assets worth Rs 78.15 million held by the former Managing Director and Chief Executive Officer of ICICI Bank, her husband and the companies owned or controlled by him.
During the investigation, it was revealed that the loans were rolled over and new loans totaling Rs 1,730 crore were sanctioned to Videocon Industries Ltd (VIL) and its group companies, and these loans were turned into non-performing assets (NPA) for ICICI Bank on June 30, 2017.
The investigation further revealed that an amount of Rs 64 crore, from the loan of Rs 300 crore sanctioned by a committee headed by Chanda Kochhar to Videocon International Electronics Ltd, was transferred to Nupower Renewables Pvt Ltd (NRPL, formerly known as NuPower Renewables Ltd, a Deepak Kochhar’s company) by VIL on September 8, 2009, just one day after the loan was disbursed by ICICI Bank.
Additionally, NRL generated net income of Rs 10.65 crore from these tainted funds. Therefore, the proceeds of crime amounting to Rs 74.65 crore were transferred or generated in NRPL.
The investigation also revealed that Chanda Kochhar and her family acquired an apartment in Mumbai owned by one of the Videocon group companies, by acquiring that company through their family trust at a nominal price by creating book entries.
Consequently, assets amounting to Rs 74.54 crore held in the name of Nupower Renewables Pvt Ltd, its subsidiaries, the Mumbai-located flat (book value of Rs 3.5 crore), and the amount of Rs 10.5 lakh already seized by ED from the company Deepak Kochhar, totaling Rs 78.15 crore from the offense have been provisionally attached by ED under PMLA. – IANS
