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ICICI-Videocon loan case: Income Tax Dept asks Deepak Kochhar to explain flow of Rs 325 crore from Mauritius-based firms

BusinessToday.In     April 13, 2018

The Income Tax Department on Thursday sent second notice to Deepak Kochhar, husband of ICICI bank MD and CEO Chanda Kochhar, after it received part reply from him in connection with its tax evasion probe in the Videocon bank loan case. Last month, the I-T dept had asked Deepak Kochhar to furnish all the details regarding personal finances, income tax returns for the past many years, and business transactions with NuPower Renewables. However, Kochhar submitted incomplete information through a representative.
According to reports, the tax authority has asked Kochhar to share full information including the flow of about Rs 325 crore from two Mauritius-based firms to his company NuPower Renewables Private Ltd. The two foreign-based firms have been identified as First Land Holding Limited and DH Renewables Holding Limited.
The department has also sought the share valuation report for investment in NuPower Renewables apart from copy of balance sheets and profits. The probe agency has also sought the nature of activities of NuPower Renewables between 2010-11 to 2015-16.
The probe began after a whistleblower Arvind Gupta alleged that the husband of ICICI Bank CEO had made huge money through some shady deals with Videocon Group's Venugopal Dhoot who in turn got Rs 2810 crore outstanding loans -by ICICI Bank to his Group - declared as NPAs. The loan was - issued by ICICI Bank in 2012 - linked to a possible quid pro quo that Dhoot allegedly had with Deepak Kochhar' NuPower Renewables.
Acting upon the allegations, the Central Bureau of Investigation registered a Preliminary Enquiry against Videocon Group's Venugopal Dhoot, Deepak Kocchar and unidentified others. The agency also questioned a director in NuPower Renewables Umanath Vaikunt Nayak last week.
This was the first questioning of a senior executive of NuPower Renewables even as the agency continued the examination of Rajiv Kochhar, brother of Deepak Kochhar, and Mahesh Chandra Punglia, considered a close aide of Videocon group promoter Venugopal Dhoot. Punglia was also a Director in the NuPower Renewables Pvt Ltd. All three were called at the agency's office in Bandra Kurla Complex, Mumbai.

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