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Deepak Kochhar Remanded to ED custody till Sept 19 in ICICI Bank-Videocon Case

The special PMLA court on Tuesday remanded former ICICI Bank MD and CEO Chanda Kochhar’s husband to Enforcement Directorate (ED) custody till September 19 after he was arrested on Monday.

Deepak Kochhar was arrested on Monday in connection with a money laundering case which the ED is probing. On Monday, Kochhar was called in for questioning at ED’s office in Delhi. Sources also informed India Today TV that the financial probe agency questioned Kochhar after gather concrete evidence against him.

The officials decided to arrest him after he was unable to explain some transactions ED questioned him about. It was earlier alleged that Deepak Kochhar’s firm, NuPower Renewables, received an investment of over Rs 64 crore from Videocon Group and Rs 325 crore from Matix Fertilisers in 2010 soon after they were granted loans by the ICICI Bank.

Meanwhile, trouble seems to be mounting for Chanda Kochhar as well. The ED is probing her role in the loan sanctioned to private firms apart from Videocon and Matix Fertilisers while she was the chief of ICICI Bank.

The ED suspects that Chanda Kochhar benefitted in exchange for granting of loans through her husband’s firm. Earlier, the Enforcement Directorate (ED) had provisionally attached Chanda Kochhar’s assets, including shares and her Mumbai apartment, worth Rs 78 crore. Chanda Kochhar and eight others from the bank were accused of irregularities in sanctioning loans to now-defunct Videocon Group.

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