09 Sep 2020
Businessman Deepak Kochhar and husband of former ICICI Bank CEO Chanda Kochhar has been arrested by the Enforcement Directorate for alleged money laundering in a deal between the bank and Videocon Group. He had been questioned since noon on Monday before he was arrested at night.
The probe agency had filed a criminal case under the Prevention of Money Laundering Act (PMLA) early last year against Ms Kochhar, her husband and Venugopal Dhoot of Videocon Group to investigate alleged irregularities and corrupt practices in sanctioning ₹ 1,875 crore in loans by ICICI Bank.
Mr Deepak has not been cooperating, after which he had to be placed under arrest, sources in the Enforcement Directorate said. He will be taken to an anti-money laundering court in Delhi today.
The Enforcement Directorate is also probing at least two other instances of loans given by ICICI Bank during Ms Kochhar’s tenure to Gujarat-based pharmaceutical firm Sterling Biotech and to Bhushan Steel Group; both these are also being probed on alleged money laundering charges.
The Enforcement Directorate’s case is based on a complaint registered by the Central Bureau of Investigation (CBI), which is running an independent investigation; it too had named all three individuals and added three companies, including two under the Videocon name, owned by Mr Dhoot’s companies.
NuPower Renewables, a company controlled by Deepak Kochhar, had also been named.
By Arvind Gunasekar, NDTV, 7 September 2020
Read more at NDTV
RiskScreen: Eliminating Financial Crime with Smart Technology
Count this content towards your CPD minutes, by signing up to our CPD WalletFREE CPD Wallet