The Enforcement Directorate (ED) on Monday arrested Deepak Kochhar, husband of former ICICI Financial institution CEO Chanda Kochhar, in reference to a cash laundering case. Kochhar was arrested by the company in Mumbai beneath sections of the Prevention of Cash Laundering Act (PMLA).
The couple has been questioned by the central probe company in a case of alleged irregularities and cash laundering in giving financial institution loans to the Videocon group. The ED, early in 2020, additionally connected belongings price Rs 78 crore “in possession of” Chanda Kochhar, Deepak Kochhar and the businesses owned and managed by him.
Earlier within the day, ED had known as Deepak Kochhar for questioning to its Delhi workplace. The case pertains to the alleged misappropriation cited in loans given by the ICICI Financial institution to Videocon. In January 2019, the company had provisionally connected movable and immovable belongings consisting of flat, land, seized money, plant and equipment, positioned in Tamil Nadu and Maharashtra, totalling Rs 78.15 crore in possession of former ICICI Financial institution CEO Chanda Kochhar, her husband Deepak Kochhar and the businesses owned or managed by him.
The belongings had been connected beneath the Prevention of Cash Laundering Act (PMLA) in ICICI Financial institution mortgage case. ED initiated an investigation after registering a case beneath PMLA on the idea of FIR for unlawful sanctioning loans amounting to Rs 1,875 crore to Videocon Group of firms.
“The investigation revealed that Rs 64 crore, out of mortgage of Rs 300 crore sanctioned by a committee headed by Chanda Kochhar to Videocon Worldwide Electronics Restricted, was transferred to Nupower Renewables Pvt Ltd (NRPL, earlier generally known as NuPower Renewables Restricted, an organization of Deepak Kochhar, husband of Chanda Kochhar) by VIL on September 8, 2009, simply someday after disbursement of mortgage by ICICI Financial institution. Additional, web income of Rs 10.65 crore was generated by NRL from these tainted funds. Due to this fact, proceeds of crime amounting to Rs 74.65 crore had been transferred to/generated in NRPL,” ED had mentioned.