New Delhi/Mumbai, September 7
The Enforcement Directorate (ED) on Monday arrested Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar, in reference to the ICICI Bank mortgage case.
A prime ED official instructed IANS, “Deepak Kochhar has been arrested under the Prevention of Money Laundering Act after daylong questioning.” He was arrested by the Mumbai department of the monetary probe company.
The motion comes virtually a 12 months after the ED filed a cash laundering case final 12 months on the idea of a grievance registered by the CBI in opposition to Videocon Director Venugopal Dhoot, his firms (Videocon International Electronics Ltd and Videocon Industries Ltd), in addition to former ICICI Bank CEO Chanda Kochhar and her husband Deepak.
Earlier this 12 months, the ED provisionally connected Rs 78.15 crore value movable and immovable property in possession of ICICI Bank’s former Managing Director and CEO, her husband and the businesses owned/managed by him.
During investigation it was revealed that loans have been refinanced and new loans aggregating to Rs 1,730 crore sanctioned to Videocon Industries Ltd (VIL) and its group firms and these loans turned non-performing property (NPA) for ICICI Bank on June 30, 2017.
Investigation additional revealed that an quantity of Rs 64 crore, out of the mortgage of Rs 300 crore sanctioned by a committee headed by Chanda Kochhar to Videocon International Electronics Ltd, was transferred to Nupower Renewables Pvt Ltd (NRPL, earlier referred to as NuPower Renewables Ltd, an organization of Deepak Kochhar) by VIL on September 8, 2009, simply sooner or later after disbursement of mortgage by the ICICI Bank.
Further, internet income of Rs 10.65 crore have been generated by NRL from these tainted funds. Therefore, proceeds of crime amounting to Rs 74.65 crore have been transferred to/generated in NRPL.
Investigation additionally revealed that Chanda Kochhar and her household acquired an residence in Mumbai owned by one of many Videocon group firms, by the use of buying that firm by way of her household belief at a nominal worth by creating guide entries.
Accordingly, property amounting to Rs 74.54 crore held within the title of Nupower Renewables Pvt Ltd, its subsidiaries, the flat situated at Mumbai (guide worth of Rs 3.5 crore), and quantity of Rs 10.5 lakh already seized by ED from firm of Deepak Kochhar, totalling to Rs 78.15 crore being proceeds of crime have been provisionally connected by ED underneath PMLA. — IANS