The special PMLA court on Tuesday remanded former ICICI Bank managing director Chanda Kochhar’s husband, Deepak Kochhar, to ED custody till September19, in connection with a money-laundering probe.
Kochhar was arrested on Monday and was produced before the special court on Tuesday. ED sought his custody for interrogation to probe the suspected money trail.
The case against the Kochchar couple was first registered by Central Bureau of Investigation (CBI) for alleged corruption. Based on the CBI complaint, Enforcement Directorate had initiated probe into money laundering.
In 2017, CBI had initiated inquiry against the couple after allegations that ICICI Bank had sanctioned credit facility of about Rs 3,250 crore to various entities, in contravention to the rules and policies.
In its FIR registered in January last year, CBI alleged that six high value loans worth ₹1,875 crore were given by ICICI Bank to Videocon group companies between 2009 and 2011.
It was alleged that in 2009, credit facility to Videocon was extended in contravention of rules and policy by the sanction committee. At that time, Chanda Kochchar was one of the member of the sanction committee.
Further, the loan of Rs 300 crore was disbursed to M/s Videocon international electronics limited, Videocon group company, on September 7, 2009. It is alleged that an amount of Rs 64 crore — out of a loan of Rs 300 crore, was transferred to M/s NuPower Renewables Pvt Ltd by Videocon Industries Limited(VIL) on September 8, 2009.
Source: Hindustan Times