Deepak Kochhar Sent to ED Custody in ICICI bank-Videocon Money Laundering Case

File photo of Deepak Kochhar.

Deepak Kochhar was arrested by the ED in September under the Prevention of Money Laundering Act (PMLA) in the ICICI Bank-Videocon money laundering case.

  • PTI
  • Last Updated: October 13, 2020, 6:35 PM IST
  • FOLLOW US ON:

A special court here on Tuesday remanded Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar, in the custody of the Enforcement Directorate (ED) till October 17. Deepak Kochhar was arrested by the ED in September under the Prevention of Money Laundering Act (PMLA) in the ICICI Bank-Videocon money laundering case.

He was remanded in the ED custody till September 19 after his arrest, but it was suspended after he tested positive for coronavirus and he was sent in judicial custody. He then underwent treatment at a hospital. The probe agency produced him before the special PMLA court here again after he recovered from the infection and sought his remand.

The ED case followed an FIR registered by the CBI against Chanda Kochhar and Deepak Kochhar, Videocon Group promoter Venugopal Dhoot and others. The ED invoked the PMLA for “illegal sanctioning of loans” amounting to Rs 300 crore to the Videocon Group of companies.

The agency alleged that Chanda Kochhar was the chairman of the bank’s loan sanctioning panel at the time, and only a day later, Rs 64 crore were transferred from Videocon’s account to Nupower Renewables Pvt Ltd (NRPL), earlier known as NuPower Renewables Ltd (NRL), a firm owned by Deepak Kochhar. “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 or generated in NRPL,” the ED had claimed.

.

Speak Your Mind

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Get in Touch

350FansLike
100FollowersFollow
281FollowersFollow
150FollowersFollow

Recommend for You

Oh hi there 👋
It’s nice to meet you.

Subscribe and receive our weekly newsletter packed with awesome articles that really matters to you!

We don’t spam! Read our privacy policy for more info.

You might also like

Bill Gates Predicted Zoom 25 Years Ago. Here’s What...

Twenty-five years ago, Bill Gates foresaw that videoconferencing would come to replace many face-to-face...

Reliance Retail-KKR Deal: Here’s What You Need to Know...

File photo of Reliance Industries chairman, Mukesh Ambani. (Image: Reuters) ...

What Next For A U.S.-Taiwan Free Trade Agreement?

Container ship in the port of Kaohsiung, Taiwan. ...

5 Tips For Helping Your Team Find Motivation In...

getty 2020 was a tough year for everyone—your...