Deepak Kochhar was arrested on Monday over alleged cash laundering
New Delhi:
Deepak Kochhar, the husband of former ICICI Financial institution CEO Chanda Kochhar, has been despatched to 10-day custody of the Enforcement Directorate for alleged money-laundering. Mr Kochhar was arrested by the Enforcement Directorate yesterday after 9 hours of questioning.
He was produced earlier than an anti-corruption court docket in Mumbai earlier than he was despatched to the Enforcement Directorate’s custody until September 19.
The probe company has not summoned Chanda Kochhar.
“Deepak Kochhar has not been cooperating with the investigation, so his custodial interrogation was wanted,” an individual concerned within the investigation advised NDTV, asking to not be named.
In 2012, ICICI Financial institution beneath Ms Kochhar gave a mortgage of Rs three,250 crore to Videocon Group. Six months later, industrialist Venugopal Dhoot’s Supreme Power gave a mortgage of Rs 64 crore to NuPower Renewables, during which Mr Kochhar has 50 per cent stake. Investigators have stated this Rs 64 crore was quid professional quo.
Ms Kochhar stop as ICICI CEO almost two years in the past because of the investigation. The Kochhars have denied all fees towards them.
In its request in search of Mr Kochhar’s custody, the Enforcement Directorate stated he had been “completely non-cooperative, evasive and deceptive throughout the investigation”.
Final 12 months, the Enforcement Directorate carried out searches on Ms Kochhar’s properties and people linked to Videocon. Videocon’s managing director has additionally denied any wrongdoing.
In January this 12 months, ICICI Financial institution filed a petition within the Bombay Excessive Court docket in search of restoration of bonuses given to Ms Kochhar. Ms Kochhar had challenged the “termination” of her employment by the nation’s second-largest non-public financial institution final 12 months, which had blocked her remuneration over allegations of granting “out-of-turn” loans.
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