Money laundering case: Deepak Kochhar in ED custody until September 19

Mumbai, September 8

A Mumbai court docket on Tuesday remanded Deepak Kochhar, husband of former ICICI Bank CEO Chanda, within the custody of the Enforcement Directorate until September 19 in a cash laundering case.

Deepak Kochhar was arrested by the Enforcement Directorate (ED) right here on Monday underneath sections of the Prevention of Money Laundering Act (PMLA) in reference to the ICICI Bank-Videocon cash laundering case probe.

Officials had mentioned he was positioned underneath arrest because the company needs to place him underneath custodial interrogation to acquire extra particulars about some recent proof gathered on this case, that was filed underneath the felony sections of the anti-money laundering legislation in January final 12 months.

The probing company produced Deepak Kochhar earlier than the court docket of particular PMLA decide Milind V Kurtadikar, who remanded him within the custody of ED until September 19.

The ED, whereas urgent for his remand, informed the court docket that the investigation has revealed that on September 7, 2009, the ICICI financial institution sanctioned a mortgage price Rs 300 crore to Videocon International Electronics Ltd (VIEL).

Deepak Kocchar’s spouse Chanda Kochhar was the chairman of the financial institution’s sanctioning committee when this mortgage was given to VIEL.

The probe additional revealed that only a day after the mortgage was sanctioned, Rs 64 crore out of it was transferred from VIEL to Nupower Renewables Pvt Ltd (NRPL), the ED mentioned.

NRPL was earlier generally known as NuPower Renewables Limited (NRL) and is an organization of Deepak Kochhar.

Additional Solicitor General Anil Singh informed the court docket that Deepak Kochhar was not cooperating within the investigation and his custodial interrogation was required as there are essential elements of funds acquired by his firm and cash path which should be probed.

Opposing his remand, Deepak Kochhar’s lawyer Vijay Aggarwal submitted that his consumer has joined the investigation about 12 instances and in addition submitted all paperwork.

“So it is not a case of custodial interrogation,” the lawyer mentioned.

The decide, after listening to each the edges and perusal of remand papers, noticed that the custodial interrogation of Deepak Kocchar was “necessary”.

It is an financial offence which requires a sure totally different sort of probe, so contemplating general arguments, the accused is remanded within the ED’s custody, the court docket mentioned.

The ED had filed its case after learning an FIR registered by the CBI in opposition to Chanda Kochhar and Deepak Kochhhar, Videocon Group promoter Venugopal Dhoot and others.

It slapped cash laundering prices in opposition to the Kochhars and their enterprise entities for “illegal sanctioning of loans amounting to Rs 1,875 crore to the Videocon Group of companies”.

The company had alleged {that a} “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 to say generated in NRPL,” the ED had claimed.

Earlier this 12 months, the ED additionally connected belongings—together with a Mumbai flat the place the couple lived, land, and plant and equipment of a wind farm challenge based mostly in Tamil Nadu and Maharashtra—valued at Rs 78 crore “in possession of” Chanda Kochhar, Deepak Kochhar and the businesses owned and managed by him.

It had mentioned Chanda Kochhar and her household “acquired” the Mumbai residence, owned by one of many Videocon Group corporations, by means of “acquiring that company through her family trust at a nominal price and by creating book entries”. PTI

Be the first to comment on "Money laundering case: Deepak Kochhar in ED custody until September 19"

Leave a comment

Your email address will not be published.


%d bloggers like this: