New Delhi: The Directorate of Enforcement (ED) arrested Deepak Kochhar, husband of former ICICI Bank CEO and CEO Chanda Kochhar, in connection with the ICICI Bank-Videocon case, ED officials said.
Until now, on questioning, Kochhars had argued that Videocon’s investment or infusion of funds into NuPower was a pure business transaction, yet recent evidence pointed to a trail of funds connecting Videocon and NuPower, said an official from ED.
“Deepak Kochhar was arrested after being confronted with this new evidence that there is indeed a case of illegal gratification here. Tomorrow he will be presented in the special anti-money laundering court for his custody,” the ED official said. Mint.
Last month, a company allegedly owned by Deepak Kochhar approached the Delhi High Court seeking the release of assets seized by the Directorate of Enforcement in March last year in a money laundering case.
The company, Pacific Capital Service Pvt Ltd, requested the release of the assets on the basis that the seizure can continue only for a period of one year and even after the period elapses, the ED has not filed any complaints (worksheet charges) in the case.
DE’s attorney raised a preliminary objection to the petition on the basis of jurisdiction and stated that a similar petition challenging the asset seizure in another case is already pending in the Bombay High Court.
On January 22, 2019, the CBI had registered an FIR for alleged deception, criminal conspiracy and under the Prevention of Corruption Act against Chanda Kochhar, her husband Deepak Kochhar and the promoter of Videocon Group Venugopal Dhoot and its companies – Videocon International Electronics Ltd (VIEL) and Videocon Industries Limited (VIL).
He also named Supreme Energy, a company founded by Dhoot, and NuPower Renewables, a company controlled by Deepak Kochhar, to the FIR.
Subsequently, on January 31, the ED filed an money laundering case against Chanda and Deepak Kochhar, Dhoot and others to investigate alleged irregularities and corrupt practices in the sanction of ₹Loans of Rs 1,875 million from ICICI Bank to the business group.
In March of last year, ED carried out raids during which it had seized a diary, a hard drive and ₹10.5 lakh at the office of Pacific Capital Services Pvt Ltd.
During his questioning by the emergency department last year, Chanda Kochhar had denied wrongdoing. She said that the loan approval was a collective decision and not an individual one. Deepak Kochhar has also previously denied all allegations.
Dhoot was alleged to have invested in Deepak Kochhar’s NuPower company through his company Supreme Energy, a quid pro quo for loans approved by ICICI Bank after Chanda Kochhar took over as CEO of the bank on May 1, 2009 .
Ownership of Nupower and Supreme Energy changed hands through a complex network of shared transactions between Deepak Kochhar and Dhoot, the CBI had alleged.
During its preliminary investigation, the CBI discovered that six loans worth ₹The Videocon Group and its associated companies were sanctioned 1,875 million rupees between June 2009 and October 2011 in alleged violation of the policies established by ICICI Bank, which have now become part of the investigation.
The loans were declared non-performing in 2012, causing a loss of ₹1,730 crore to the bank, he had alleged.
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