Published 20:52 IST, September 7th 2020
Videocon Case: Deepak Kochhar, ex-ICICI CEO Chanda Kochhar's husband arrested by ED
ex-ICICI CEOÂ Chanda Kochhar's husband - Deepak Kochhar has been arrested by Enforcement Directorate (ED) on Monday in connection with the ICICI bank fraud case
In a major development, ex-ICICI CEO Chanda Kochhar's husband - Deepak Kochhar has been arrested by Enforcement Directorate (ED) on Monday in connection with the ICICI bank fraud case. This is the first big arrest made by the agency in the money laundering case booked by the ED against the Deepak and Chanda Kochhar for irregularities in loans extended by ICICI Bank to Dhoot-led Videocon Group when Chanda Kochhar was chief of ICICI. Reports state that Rs 1875 crores were allegedly misappropriated by the duo.
Kochhar moves Delhi HC
Earlier in July, Deepak Kochhar had moved the Delhi High Court seeking release of assets seized by the Enforcement Directorate in March last year in the money laundering case, as per reports. Kochhar's company - Pacific Capital Service Pvt Ltd - had stated that ED could not hold a seized property for more than a year without filing an FIR in the ED case. In MArch 2019, ED reportedly raided Kochhar's company - Pacific Capital's office and seized a diary, hard disk and ₹10.5 lakhs from the premises
CBI had registered an FIR for alleged cheating, criminal conspiracy and under the Prevention of Corruption Act against Chanda Kochhar, her husband Deepak Kochhar, and Videocon Group promoter Venugopal Dhoot and his companies -- Videocon International Electronics Ltd (VIEL) and Videocon Industries Limited (VIL) in January 22, 2019, state reports. Soon, the ED too lodged a money laundering case on Jaunuary 31 against the Kochhars and Dhoot for alleged irregularities and corrupt practices in sanctioning of ₹1,875-crore loans by ICICI Bank to the Videocon group. Both CBI and ED, had filed an FIR in 2019 but is yet to file a charge sheet in the case.
Chanda Kochhar's involvement
The entire matter came to light in 2016 when a whistleblower reportedly raised questions about Chanda Kochhar's loans sanctioned to the Videocon group in 2012, when she was ICICI bank's chief executive. When the issue made headlines, Kochhar sought early retirement from the bank, which was accepted by the board in 2018. A panel headed by Justice BN Srikrishna judged that Chanda Kochhar had indeed violated the bank's code of conduct in the Videocon case and hence was not eligible for certain benefits from the bank.
Updated 21:23 IST, September 7th 2020