In a major action, the Enforcement Directorate (ED) on Monday arrested Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar, in connection with the ICICI Bank loan case.
A top ED official told IANS, “Deepak Kochhar has been arrested under the Prevention of Money Laundering Act after day-long questioning.”
He was arrested by the Mumbai branch of the financial probe agency.
The action comes almost a year after the ED filed a money laundering case last year on the basis of a complaint registered by the CBI against Videocon Director Venugopal Dhoot, his companies (Videocon International Electronics Ltd and Videocon Industries Ltd), as well as former ICICI Bank CEO Chanda Kochhar and her husband Deepak.
Earlier this year, the ED provisionally attached Rs 78.15 crore worth movable and immovable assets in possession of ICICI Bank’s former Managing Director and CEO, her husband and the companies owned/controlled by him.
During investigation it was revealed that loans were refinanced and new loans aggregating to Rs 1,730 crore sanctioned to Videocon Industries Ltd (VIL) and its group companies and these loans became non-performing assets (NPA) for ICICI Bank on June 30, 2017.
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