Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar, was arrested last week for alleged money laundering in a deal between the private lender and Videocon Group

Catch top stories from the world of business and economy with BusinessToday.In's Biz EOD report

Deepak Kochhar was arrested by Mumbai branch of the ED under the Prevention of Money Laundering Act in connection with the ICICI Bank-Videocon money laundering case

ICICI Bank-Videocon case: The case pertains to the illegal sanctioning of loans to Venugopal Dhoot-led Videocon Group when Chanda Kochhar was the CEO of the ICICI Bank

Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar, has been arrested in relation to the ICICI Bank-Videocon case

The ED had, in March last year, carried out several raids, one of which was conducted at Deepak Kochhar's office from where it seized a hard disk, diary, and Rs 10.5 lakh

CBI inquiry revealed the firms associated with Videocon colluded with the consortium of banks for undue gains causing loss to the banks

Despite rise in number of whistleblower complaints, the lacunae in the system are proving to be a deterrent in the fight against corporate unethical practices

The development comes less than a week after the Enforcement Directorate attached assets worth Rs 78 crore, include a flat in South Mumbai, land, cash and machinery, belonging to the Kochhars

As per book value, total worth of the attached assets is estimated to be above Rs 78 crore, but their market value is expected to be much higher

The company's consolidated losses widened to Rs 7,474 crore during 2018-19 compared to a loss of Rs 6,554 crore a year ago

Kochhar told the Bombay High Court that Sandeep Bakshi who was chosen as her successor was given the post only after the ICICI Bank had approved her request for early retirement

The bankrupt company's plant has a workforce of around 6,000 and the workers there are uncertain about what the future holds for them

As per the allegations, Videocon Industries gave crores of rupees to Deepak's firm, barely six months after his company got Rs 3,250 crore worth of loan from ICICI Bank in 2012

According to the NCLT, if SBI would be allowed to execute the sale as advertised, the Videocon group may suffer an irreparable loss in future if the tribunal takes a view that the asset in question belongs to or owned by the group

Videocon Industries share price hit an all-time low of Rs 1.19 on August 27, 2019. An investment of Rs 1 lakh in Videocon Industries on August 28, 2014 has shrunk to Rs 741.40 today.

Over 500 employees in Kolkata-based facilities received no salaries for 22 months in total

The NCLAT order came over the plea filed by the lenders, led by SBI and the Resolution Professional of the company

ICICI Bank-Videocon loan case: Chanda and Deepak Kochhar have been summoned yet again by the Enforcement Directorate this week.

ICICI Bank-Videocon case: The three deposed as part of a regular summon and their statement is being being recorded under the Prevention of Money Laundering Act (PMLA).