Chanda Kochhar, a former MD and CEO of ICICI, and her businessman husband Deepak Kochhar were detained by the Central Bureau of Investigation (CBI) on Friday in connection with a case involving fraud and criminal conspiracy.
Sources claim that the Kochhars are being detained in relation to the loan that the private bank approved when Chanda Kochhar was in charge of it.
The two are likely to appear before a special court on Saturday for lack of custody.
The CBI is looking into a case of official misconduct and criminal conspiracy against the Kochhar.
The first information report stated that on August 26, 2009, the bank run by Chanda Kochhar approved a loan for Rs 300 crore to VIEL “in violation of norms and policies by the sanctioning committee. “This loan was transferred to VIEL on September 7, 2009… According to the FIR, Dhoot wired Rs 64 crore to the Deepak Kochhar-managed NRL on September 8, 2009. This was the first significant sum of money that NRL had received in order to purchase its first power plant.
In addition to the CBI, the ED is looking into them in a money laundering case
MUMBAI: According to authorities, the Enforcement Directorate (ED) detained Deepak Kochhar on Monday in connection with the investigation into the ICICI Bank-Videocon money laundering case. Deepak Kochhar is the spouse of former ICICI Bank CEO and MD Chanda Kochhar.
According to them, Deepak Kochhar was detained in Mumbai in accordance with the Prevention of Money Laundering Act (PMLA). The agency plans to present him in front of a local court on Tuesday to ask for custody of him.
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According to officials, Deepak Kochhar was arrested so that the agency could question him. While he was in custody in order to learn more about some recent evidence acquired in this investigation. Which was filed under the criminal provisions of the anti-money laundering statute in January of last year.
After reviewing a FIR lodged by the CBI against the couple. Promoter of the Videocon Group Venugopal Dhoot, and others, the ED filed its lawsuit.
The Kochhars and their business enterprises were charged. With money laundering for “illegally issuing loans totalling to Rs 1,875 crore to the Videocon Group of companies.”
The ED had previously claimed that on September 8, 2009, just one day after the loan’s disbursement by ICICI Bank. Videocon Industries Limited transferred to Nupower Renewables Pvt Ltd (NRPL) an amount of Rs 64 crore from the loan amount of Rs 300 crore approved by a committee led by Chanda Kochhar to Videocon International Electronics Limited.