Videocon Loan Case: ED arrested Chanda Kochhar's husband

Sep 08 2020 09:38 AM
Videocon Loan Case: ED arrested Chanda Kochhar's husband

New Delhi: Enforcement Directorate (ED) on Monday arrested Deepak Kochhar, husband of former ICICI Bank Managing Director and Chief Executive Officer (CEO) Chanda Kochhar in the ICICI Bank-Videocon money laundering case. This is the first arrest since the case was filed in February 2019. This action has been taken after hours of questioning based on new evidence.

An ED official said that "He has been detained for further questioning for not cooperating with the agency." Deepak Kochhar will be presented in the session or special court on Tuesday for the Prevention of Money Laundering Act where the Federal agency is expected to take a five-day remand. It is alleged in this case that Chanda Kochhar was alleged to have committed the Rs 3,250 crore loan to Videocon Group while being the CEO of ICICI Bank. Chanda Kochhar is accused of benefiting Videocon Group using interests in this case. ED has attached assets worth Rs 78 crore of Chanda Kochhar in January this year.

The bank had given a loan of Rs 3,250 crore to five companies of Videocon Group. This loan given by the bank became NPA. It is alleged that the company has not repaid 86 per cent of this loan i.e. Rs 2810 crore, after which the loan was declared NPA in 2017. Chanda Kochhar herself was included in the committee sanctioning the loan of the bank. It is also alleged that Videocon Group MD Venugopal Dhoot had invested money in Deepak Kochhar's company NewPower Renewables i.e. both were partners.

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