The husband of ex-MD and CEO of ICICI Bank Chanda Kochhar was arrested on money laundering charge
The Prevention of Money Laundering Act (PMLA) court here remanded businessman Deepak Kochhar, husband of former managing director and chief executive officer of ICICI Bank Chanda Kochhar, in Enforcement Directorate (ED) custody till September 19.Mr. Kochhar was arrested by the ED on September 7 on money laundering charge. The ED said Mr. Kochhar had been evasive and non-cooperative. He was involved in laundering the proceeds of crime and in projecting the proceeds of crime as untainted.The case pertains to the deals between Videocon Group of companies and the bank. The ED has relied upon a FIR registered by the CBI in 2019.Loans become NPAsThe FIR charged him with cheating and criminal conspiracy and for causing loss to the bank by sanctioning loans to Videocon Group in contravention of the bank’s rules and policies during the relevant period. These loans had turned into Non Performing Assets (NPA) and thus resulted in wrongful loss to the bank and wrongful gain to the borrowers and accused persons.The accused are: Videocon International Electronics Limited (VIEL); Videocon Industries Limited (VIL); V.N. Dhoot, MD, Videocon Group; Ms. Chanda Kochhar, then MD & CEO of ICICI Bank; Mr. Kochhar, MD of Nupower Renewables Limited; Nupower Renewables Limited (NRL), which is now known as Nupower Renewables Private Limited (NRPL); and Supreme Energy Private Limited (SEPL).The CBI’s case states, “June-2009 to October-2011, ICICI Bank had sanctioned six high value loans to various Videocon Group companies. On August 26, 2009, Rupee Term Loan (RTL) of Rs. 300 Crore was sanctioned to VIEL in contravention of the rules and policy by the sanctioning committee. Ms. Kochhar was one of the members of the sanctioning committee, who in criminal conspiracy to cheat ICICI Bank and in pursuance of criminal conspiracy on the same day dishonestly by abusing her official position sanctioned this loan in favour of VIEL.”The investigation under the PMLA, “revealed that the rate of interest charged by ICICI Bank on the said loan of Rs. 300 crore [which was later refinanced on 26.04.2012 and sanctioned to VIL] was more than 12% per annum, since disbursement of this loan, which at times increased to more than 14% per annum.”The ED said, “On April 26, 2012, the existing outstanding of the six accounts were adjusted in RTL of ₹1730 crore sanctioned under refinance of domestic debt. The account of VIL and its group companies were declared NPA w.e.f. June 30, 2017. Thus, causing loss to ICICI Bank.”
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