Deepak Kochhar, husband of former ICICI Bank MD and CEO Chanda Kochhar, will remain in the Enforcement Directorate's (ED) custody till September 19 for further questioning. He has been sent to ED's custody in connection with the ICICI Bank-Videocon money laundering case by a special court in Mumbai.
The ED had on Monday arrested Deepak Kocchar in connection with the (ICICI Bank-Videocon money laundering) case probe. The economic offences watchdog's officials, on Tuesday, were seen escorting him from the ED office in Mumbai to a special PMLA court.
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. According to the probe agencies, including CBI, loans to the tune of Rs 1,875 crore were extended to Videocon Group in 2017.
The ED had filed its case after studying an FIR registered by the CBI against the Kochhars, Dhoot, and others.
In January this year, ED attached the assets of Chanda and Deepak Kochhar -- including a Mumbai flat and plant and machinery of a wind farm project based in Tamil Nadu and Maharashtra -- valued at Rs 78 crore.
The couple has been questioned by the central probe agency multiple times in the past at their offices in Mumbai and Delhi.
The CBI alleged that Dhoot had invested in Deepak Kochhar's company Nupower through his firm Supreme Energy, a quid pro quo for loans cleared by ICICI Bank after Chanda Kochhar took over as the CEO of the bank on May 1, 2009.
The ownership of Nupower and Supreme Energy changed hands through a complex web of shared transactions between Deepak Kochhar and Dhoot, the CBI has alleged.
During its preliminary inquiry, the CBI found that six loans worth Rs 1,875 crore were sanctioned to the Videocon Group and companies associated with it between June 2009 and October 2011 in alleged violation of laid-down policies by the ICICI Bank.
The loans were declared non-performing assets in 2012, causing a loss of Rs 1,730 crore to the bank, CBI said.