ICICI Bank-Videocon case: ED gets custody of Deepak Kochhar till Sept 19

Mumbai (Maharashtra) [India], September 8 (ANI): A special Prevention of Money Laundering Act (PMLA) court on Tuesday sent former ICICI Bank MD and CEO Chanda Kochhar's husband Deepak Kochhar, who was arrested in ICICI Bank-Videocon case, to the custody of the Enforcement Directorate (ED) till September 19.
The economic offences watchdog had on Monday arrested Deepak Kochhar in the matter.

The case pertains to the alleged misappropriation cited in loans given by ICICI Bank to Videocon. In January this year, the agency had provisionally attached movable and immovable assets consisting of flat, land, seized cash, plant and machinery, located in Tamil Nadu and Maharashtra, totalling Rs 78.15 crore in possession of Chanda Kochhar, her husband and the companies owned or controlled by him.
The assets were attached under the Prevention of Money Laundering Act (PMLA) in ICICI Bank loan case. ED initiated an investigation after registering a case under PMLA on the basis of FIR for illegal sanctioning loans amounting to Rs 1,875 crore to Videocon Group of companies.
"The investigation revealed that Rs 64 crore, out of the loan of Rs 300 crore sanctioned by a committee headed by Chanda Kochhar to Videocon International Electronics Limited, was transferred to Nupower Renewables Pvt Ltd (NRPL, earlier known as NuPower Renewables Limited, a company of Deepak Kochhar, husband of Chanda Kochhar) by VIL on September 8, 2009, just one day after disbursement of loan by ICICI Bank," the ED had said earlier.
"Further, net revenue of Rs 10.65 crore was generated by NRL from these tainted funds. Therefore, proceeds of crime amounting to Rs 74.65 crore were transferred to/generated in NRPL," it had said. (ANI)