Kochhar was arrested after the latest round of questioning related to new evidence that the agency has recently stumbled upon, people familiar with the matter said. Kochhar was confronted with documents that people said were related to a money trail related to his company, NuPower Renewables.
The ED’s money laundering case is based on a first informative report filed by the CBI against Kochhars, Videocon Group President Venugopal Dhoot, and six other individuals. The CBI has accused the former head of the bank of allegedly receiving “illegal gratuity” through her husband from Videocon for sanctioning a term loan. The Kochhar and others had denied the allegations.
“Throughout this time, Kochhar has maintained that the funds received by NuPower from Videocon were a business transaction and have nothing to do with ICICI Bank approving a loan at the same time. He has denied the quid-pro-quo accusations. There is new evidence in the money route between NuPower and Videocon and Kochhar was questioned about the same, ”said an official familiar with the development. “Since he was not cooperating with the investigation, he was placed under arrest,” the official added.
In January this year, the DE had provisionally seized assets worth Rs 78 million, including a couple’s apartment in South Mumbai, attributing them as proceeds of crime. The ED awarding authority has yet to confirm the attachment.
The Kochhar are also under investigation by the income tax department and the Serious Fraud Investigation Office.
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