ICICI Bank-Videocon case: Deepak Kochhar remanded to ED custody till September 19

On Tuesday, a special PMLA court in Mumbai remanded Deepak Kochhar to the Enforcement Directorate custody till September 19. The ED argued that his custodial interrogation is necessary as it may reveal crucial facts that are in his exclusive domain. The agency maintained that this was in the interest of the investigation of the money laundering offence in the ICICI Bank-Videocon case.  

Appearing on behalf of Kochhar, advocate Vijay Aggarwal argued that the arrest of his client on Monday was illegal as he had already joined the probe over a dozen times. However, the judge ruled that Kochhar’s custodial investigation is necessary. At the same time, the court permitted Aggarwal to meet his client for 15 minutes on September 10, 13, 15, and 17 with prior intimation to the investigating officer.  

Read: HUGE Setback For Chanda Kochhar: ED Attaches Rs 78 Cr Assets In Videocon Loan Case

ED explains the need for custodial interrogation

While seeking remand, the ED expressed apprehension that the accused may try to obfuscate the trail of proceeds of crime identified so far. It alleged that documents seized from various persons and entities provided details of companies owned by Kochhar. The agency added that it is trying to ascertain the flow of suspected funds through these companies. Claiming that Kochhar had delayed the probe, it explained that his custodial interrogation was necessary to unearth the source of funds in NuPower Renewables Private Limited, determining the role of other individuals who facilitated money laundering and confront him with voluminous evidence on record.  

Read: BJP MP Udit Raj Writes To CBI, Demands Chanda Kochhar, Deepak Kochhar's Arrest

Money laundering case

Deepak Kochhar, founder of wind energy company NuPower Renewables is married to former ICICI Bank Chief Executive Officer Chanda Kochhar. On January 22, 2019, the CBI registered an FIR against the Kochhars, Videocon Group chairman Venugopal Dhoot, and 6 others over alleged quid pro quo in loan transactions between ICICI Bank and Videocon. As per the CBI, Chanda Kochhar allegedly received kickbacks through her husband from Videocon for sanctioning loans.

Based on this, the ED registered a money laundering case against the aforesaid individuals and entities for alleged irregularities in the sanctioning of loans worth Rs.1875 crore. Both the CBI and ED are yet to file a charge sheet in this case. The Kochhars, Dhoot, and other accused have vociferously refuted the charges. 

Read: ICICI Bank To Reward 80k Employees With Up To 8% Pay Hike For Work Done During COVID-19