ED arrests Chanda Kochhar's husband Deepak Kochhar in money laundering case

The Enforcement Directorate (ED) on Monday arrested Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar, in connection with a money laundering case. Kochhar was arrested by the agency in Mumbai under sections of the Prevention of Money Laundering Act (PMLA).

The couple has been questioned by the central probe agency in a case of alleged irregularities and money laundering in giving bank loans to the Videocon group. The ED, early in 2020, also attached assets worth Rs 78 crore "in possession of" Chanda Kochhar, Deepak Kochhar and the companies owned and controlled by him. 

Earlier in the day, ED had called Deepak Kochhar for questioning to its Delhi office. The case pertains to the alleged misappropriation cited in loans given by the ICICI Bank to Videocon. In January 2019, the agency had provisionally attached movable and immovable assets consisting of flat, land, seized cash, plant and machinery, located in Tamil Nadu and Maharashtra, totalling Rs 78.15 crore in possession of former ICICI Bank CEO Chanda Kochhar, her husband Deepak Kochhar and the companies owned or controlled by him.

The assets were attached under the Prevention of Money Laundering Act (PMLA) in ICICI Bank loan case. ED initiated an investigation after registering a case under PMLA on the basis of FIR for illegal sanctioning loans amounting to Rs 1,875 crore to Videocon Group of companies.

"The investigation revealed that Rs 64 crore, out of loan of Rs 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 Rs 10.65 crore was generated by NRL from these tainted funds. Therefore, proceeds of crime amounting to Rs 74.65 crore were transferred to/generated in NRPL," ED had said.