Lawstreet Journal

Former ICICI Bank chief Chanda Kochhar’s husband arrested over money laundering charges

Lawstreet Journal 9 Sep 2020 7:50pm

Image courtesy: Lawstreet Journal Business Former ICICI Bank chief Chanda Kochhar’s husband arrested over money laundering charges

The Enforcement Directorate (ED) Monday (September 7, 2020) arrested Deepak Kochhar, husband of former ICICI Bank chief Chanda Kochhar, in connection with its money laundering probe into loans disbursed by ICICI Bank to Videocon group for alleged pecuniary considerations. An ED source said Deepak had been called for questioning in connection with some “fresh evidence of money trail” in the case. However, after he refused to come to Delhi citing the pandemic, he was questioned by a team of officers in Mumbai. “He did not cooperate with us and so we had to put him under arrest,” a senior ED official said. ED is probing Deepak and Chanda Kochhar apart from Videocon Group promoter VN Dhoot for alleged money laundering in the matter of loans disbursed to the Videocon Group by the ICICI Bank. The loans later turned Non-Performing Assets (NPA). Videocon Group had allegedly made investments into companies held by Deepak Kochhar after disbursal of loans cleared by Chanda.

According to ED, its probe has revealed that loans were refinanced and new loan aggregating to Rs 1,730 crore was sanctioned to M/s Videocon Industries Limited (VIL) and its group companies. These loans became NPA for ICICI Bank on June 30, 2017. In June this year, ED attached assets worth Rs 78.15 crore belonging to the Kochhar's. These included residential flats, land, cash, and plant and machinery located in Tamil Nadu and Maharashtra.

“Investigation further revealed that amount of Rs. 64 crore, out of the loan of Rs. 300 crore sanctioned by… Continue Reading...

Tagged: ICICI Bank  
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