The Enforcement Directorate on Monday arrested Deepak Kochhar, husband of former ICICI bank CEO Chanda Kochhar, in a money laundering case linked to loans given to Videocon.
On January 22, 2019, the CBI had registered an FIR for alleged cheating, criminal conspiracy and under the Prevention of Corruption Act against Chanda Kochhar, her husband Deepak Kochhar, and Videocon Group promoter Venugopal Dhoot and his companies -- Videocon International Electronics Ltd (VIEL) and Videocon Industries Limited (VIL).
It also named Supreme Energy, a company founded by Dhoot, and Nupower Renewables, a company controlled by Deepak Kochhar, in the FIR.
Thereafter, on January 31, the ED lodged a case of money laundering against Chanda and Deepak Kochhar, Dhoot and others to probe alleged irregularities and corrupt practices in sanctioning of Rs 1,875-crore loans by ICICI Bank to the corporate group.
In March last year, raids were conducted by ED during which it had seized a diary, hard disk and Rs 10.5 lakh at the office of Pacific Capital Services Pvt Ltd.
During her questioning by the ED last year, Chanda Kochhar had denied wrongdoing. She said loan approval was a collective decision and not that of an individual.
Deepak Kochhar has also previously denied all allegations.
It was alleged that Dhoot had invested in Deepak Kochhar's company Nupower through his firm Supreme Energy a quid pro quo to 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 had alleged.
During its preliminary enquiry, the CBI had 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 of ICICI Bank, which have now become part of the probe.
The loans were declared non-performing assets in 2012, causing a loss of Rs 1,730 crore to the bank, it had alleged.
(With PTI inputs)