Money Management

Deepak Kochhar has been arrested since evading money trail questions: ED

The Directorate of Execution (ED) who arrested Deepak Kochhar, husband of former CEO of ICICI Bank Chanda Kochhar, on allegations that he received Rs 64 crore for his business from Videocon International Electronics Ltd. (VIEL), said it remained elusive on issues. of “money trail” in connection with a money laundering case involving a loan of 1,730 crore rupees to the Videocon group and Venugopal Dhoot.

Deepak was arrested Monday by ED detectives after several hours of questioning at his Mumbai office under sections of the Prevention of Money Laundering Act (PMLA).

He was presented Tuesday before a special PMLA tribunal, which sent him to 11 days in police custody until September 19.

According to senior ED officials linked to the investigation, on September 7, 2009, ICICI Bank granted a loan in the amount of Rs 300 crore to VIEL, of which Chanda was the chairman of the sanction committee.

The official said: “On September 8, 2009, just one day after the loan was disbursed by ICICI bank, VIEL transferred Rs 64 crore to NRL managed, owned and controlled by Deepak.”

In addition, net income of Rs 10.65 crore was generated by NRL from these contaminated funds. As a result, proceeds of crime amounting to Rs 74.65 crore were transferred or generated in NRPL.

NuPower Renewables Ltd (NRL), now known as Nupower Renewables Pvt Ltd, is Deepak’s company. Deepak is the co-founder and CEO of NuPower Renewables which was established in December 2008.

NuPower Renewables was formed as a joint venture between the Venugopal Dhoot family of the Videocon group and the Kochhar and Advani families.

Mahesh Advani is the brother of Chanda Kochhar. When the company was founded, Chanda Kochhar was Chief Financial Officer and Deputy Managing Director of ICICI Bank. Prior to the founding of NuPower, Deepak was a financial services entrepreneur. He has been a director of NuPower Renewables Pvt Ltd since December 24, 2008.

The ED official said Deepak, who previously joined the financial investigation agency more than 12 times, was not “cooperating” with agency officials and was therefore arrested.

“On many issues related to the money trail and financial transactions with the VIEL and Dhoot, Deepak has been elusive and uncooperative, so we must stop him,” the official said, adding that there is a number of financial transactions and money trail that need to be clarified and this is the reason why the ED requested his interrogation in custody.

Previously, the ED had also recorded Chanda Kochhar’s statement on several occasions. The official said Deepak was being questioned about his wife’s role in sanctioning the loan to VIEL and other companies in the Videocon group.

The managing director also questions Deepak as to whether he spoke to his wife, who was then a senior executive at ICICI bank, regarding the sanctioning of the loan and if there was any consideration on the sanctioning of the loans involved between him and the Videocon group.

ED’s action to arrest Deepak comes nearly a year and a half after the agency filed a money laundering complaint based on a complaint registered by CBI Aagainst Dhoot, its companies (VIEL and Videocon Industries Ltd), as well as Chanda Kochhar and her husband Deepak.

Earlier this year, the ED tentatively tied up movable and real estate assets worth Rs 78.15 crore in the possession of the former Managing Director and CEO of ICICI Bank, her husband and the companies owned / controlled by him.

During the investigations, it was revealed that loans had been refinanced and that new loans totaling Rs 1,730 crore had been sanctioned to Videocon Industries Ltd (VIL) and its group companies and that these loans became assets. non-productive (NPA) for ICICI Bank on June 30, 2017.

(Anand Singh can be contacted at [email protected])

–IANS

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