Saturday, January 16, 2021
Home News Reports Former ICICI Bank MD and CEO Chanda Kochhar's husband arrested by ED in PMLA...

Former ICICI Bank MD and CEO Chanda Kochhar’s husband arrested by ED in PMLA case

A preliminary enquiry was initiated by the CBI against Deepak Kochhar in 2017 after which an FIR was filed by the CBI last year in relation to the ICICI Bank-Videocon case. Based on the case registered by the CBI, the ED had initiated an investigation in the matter.

The Enforcement Directorate has taken into custody Deepak Kochhar, husband of former MD and CEO of ICICI Bank Chanda Kochhar, till September 19. Deepak Kochhar was produced before the special PMLA (Prevention of Money Laundering Act) court earlier in the day. Kochhar was arrested late on Monday.

The ED had sought a 14-day custody of Kochhar which was opposed by his lawyer. “The arrest is illegal as my client has been cooperating in the investigation. The offence is punishable for imprisonment up to 7 years only. So, he cannot be arrested like this when he joined investigation on summons”, his lawyer Vijay Aggarwal said.

A preliminary enquiry was initiated by the CBI against Deepak Kochhar in 2017 after which an FIR was filed by the CBI last year in relation to the ICICI Bank-Videocon case. Based on the case registered by the CBI, the ED had initiated an investigation in the matter. The CBI had initiated an inquiry against the Kochhars after allegations were made that ICICI Bank had sanctioned credit facility worth over Rs 3 thousand crores to various entities against the rules.

Background of the case against Deepak Kochhar

An investigative report by Indian Express had revealed that in December 2008, a joint venture, NuPower Renewables Pvt Ltd, was set up by Deepak Kochhar and Venugopal Dhoot of Videocon Ltd. 50% of the shares were held by Dhoot through his family members and the rest of the 50% were held by Kochhar and his family members. In 2010, Dhoot resigned as director of NuPower and transferred his shares to Kochhar. Thereafter, Dhoot issued the company an amount of 64 crores as loan through one of his fully-owned entities. And then he transferred the ownership of the joint venture to a trust headed by Kochhar at Rs 9 lakhs only. This transfer of ownership took place 6 months after a loan of Rs 3,250 crore was issued to the Videocon Group by the ICICI Bank. It was declared NPA in 2017 after almost 86% of the loan remained unpaid.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Related Articles

Trending now

NDTV’s Ravish Kumar spreads fake news on paddy procurement by govt: Read full details of letter written by govt of India

PIB Additional Director General sent a letter to NDTV after Ravish Kumar used wrong data to accuse govt of lying about paddy procurement

Ashoka University removes links introducing Nidhi Razdan as Harvard professor, another institute quietly edits website: Details

The Ashoka University has announced that it is withdrawing tweets and posts related to Nidhi Razdan.

Nidhi Razdan Harvard fiasco: Former Director of Harvard’s Nieman Journalism Lab says the University does not offer journalism courses

Nidhi Razdan revealed that she had fallen for a phishing attack and that Harvard University had not really offered her a job.

Nidhi Razdan got ‘scammed’ into believing that she got a job from Harvard University: Here is what does not make sense in her story

While Nidhi Razdan says that the Harvard job she was offered was fake, last year she had said she is teaching in Harvard

Nidhi Razdan was scammed into believing she got an offer from the real Harvard University to become a professor of journalism: Details

Nidhi Razdan, formerly with NDTV, has revealed that she was the victim of a phishing attack and Harvard never came calling.

Pakistan aircraft PIA Boeing 777 seized by authorities, passengers stranded: Read why Malaysia acted against PIA

Malaysian authorities seized a Pakistan International Airlines (PIA) Boeing-777 at the Kuala Lumpur Airport.

Recently Popular

Nidhi Razdan was scammed into believing she got an offer from the real Harvard University to become a professor of journalism: Details

Nidhi Razdan, formerly with NDTV, has revealed that she was the victim of a phishing attack and Harvard never came calling.

The Nidhi Razdan Harvard fiasco: A user had sounded off the alarms as early as September 2020

Nidhi Razdan revealed on Friday that she fell victim to a phishing scam and confirmed that she was never offered a job by Harvard.

Vanishing barons: Alibaba founder Jack Ma and 4 other Chinese billionaires who had mysteriously gone missing

Several prominent elites from China who had ran afoul with the CCP had mysteriously disappeared from the public eye, including Jack Ma

BLM activist, Antifa, anarchist or FBI asset? What we know so far about John Sullivan, who was spotted instigating mobs at Capitol Hill

John Sullivan shot to the limelight after he appeared with jade Sacker on CNN for a chat with anchor Anderson Cooper.

Nidhi Razdan got ‘scammed’ into believing that she got a job from Harvard University: Here is what does not make sense in her story

While Nidhi Razdan says that the Harvard job she was offered was fake, last year she had said she is teaching in Harvard

From ‘no trust on BJP’s vaccine’ to ‘impotency’ to ‘they can cause death’, Samajwadi Party’s petty politics over COVID-19 vaccine just does not end

Samajwadi Party has been continuously trying to create an atmosphere of panic by spreading fake news about Covid-19 vaccine

NDTV’s Ravish Kumar spreads fake news on paddy procurement by govt: Read full details of letter written by govt of India

PIB Additional Director General sent a letter to NDTV after Ravish Kumar used wrong data to accuse govt of lying about paddy procurement

Ashoka University removes links introducing Nidhi Razdan as Harvard professor, another institute quietly edits website: Details

The Ashoka University has announced that it is withdrawing tweets and posts related to Nidhi Razdan.

Nidhi Razdan Harvard fiasco: Former Director of Harvard’s Nieman Journalism Lab says the University does not offer journalism courses

Nidhi Razdan revealed that she had fallen for a phishing attack and that Harvard University had not really offered her a job.

Fresh wave of coronavirus cases reported in Hebei province, massive quarantine centres being built by Chinese govt

China has transferred more than 20 thousand people to these makeshift centres at Shijiazhuang in Hebei province after fresh cases emerged in the North China province.

Nidhi Razdan got ‘scammed’ into believing that she got a job from Harvard University: Here is what does not make sense in her story

While Nidhi Razdan says that the Harvard job she was offered was fake, last year she had said she is teaching in Harvard

Rajasthan: SDM was seeking bribe during meeting where CM Gehlot spoke against corruption, arrested

SDM Pinky Meena, and SDM Pushkar Mittal, along with the agent of a former SP have been arrested for taking bribes over a national highway project.

‘Tit for Tat’, ‘Work of Art’: Netizens react to the Nidhi Razdan Harvard fiasco, question her logic

Netizens have been commenting on the Nidhi Razdan Harvard fiasco and pointed out the incredulousness of the whole situation.

Puja Bharti murder case from Ranchi: Facebook account of victim deleted, BJP questions police inaction

The BJP has warned that it will hit the streets to protest in case the culprits are not arrested soon.

The Nidhi Razdan Harvard fiasco: A user had sounded off the alarms as early as September 2020

Nidhi Razdan revealed on Friday that she fell victim to a phishing scam and confirmed that she was never offered a job by Harvard.

Connect with us

245,563FansLike
496,912FollowersFollow
22,700SubscribersSubscribe