A special court in Mumbai on Tuesday sent businessman Deepak Kochhar to 11 days custody of the Enforcement Directorate (ED) which arrested him late on Monday in a money-laundering case.
Kochhar, the husband of the high-profile former ICICI Bank CEO and MD Chanda Kochhar, is facing charges of money-laundering in the ICICI Bank-Videocon Group case.
He was produced before a special Prevention of Money Laundering Act court this afternoon and sent to the ED custody till 19 September.
The action came nearly a year after the Central Bureau of Investigation launched a probe against Videocon Group Director Venugopal Dhoot, his companies Videocon International Electronics Ltd. and Videocon Industries Ltd, and the Kochhars.
Following the CBI complaint, the ED launched its own probe into the money-laundering angle, and earlier this year, provisionally attached assets valued at around Rs 78 crore including a flat in Mumbai, land, and plant and machinery of a wind power project in Maharashtra and Tamil Nadu, which were "owned/controlled" by the Kochhars.
The probe revealed that bank loans were refinanced and new loans aggregating to Rs 1,730 crore were sanctioned to Videocon and its group companies, and these loans later became non-performing assets (NPA) for ICICI Bank on June 30, 2017.
Besides, an amount of Rs 64 crore from the Rs 300 crore loans cleared by a ICICI Bank committee headed by Chanda Kochhar to VIEL was transferred to NuPower Renewables Pvt. Ltd (NRPL), a company owned by her husband, by VIL in September 8, 2009, a day after it was disbursed by the bank.
Kochhar's company generated a revenue of Rs 10.65 crore from these funds and the ED said the proceeds of crime totalling to over Rs 74 crore was transferred to his NRPL.
The story has been published via a syndicated feed, only the headline has been changed
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.