The ongoing Videocon loan case took an abrupt turn with the arrest of Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar. The Enforcement Directorate (ED) on Monday arrested Kochhar. The latest development in the investigation showed a money trial linking Kochhar in the ICICI-Videocon case, leading to his arrest and he's being charged under the Prevention of Money Laundering Act.
The action comes almost a year after the ED filed a money laundering case last year on the basis of a complaint registered by the CBI against Videocon Director Venugopal Dhoot, his companies (Videocon International Electronics Ltd and Videocon Industries Ltd), as well as former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar.
"All this while, Kochhar has maintained that the funds received by NuPower from Videocon was a business transaction and has nothing to do with ICICI Bank sanctioning a loan around the same time. He has denied allegations of quid-pro-quo. There is fresh evidence on the money trail between NuPower and Videocon and Kochhar was quizzed about the same," an official privy to the development was quoted as saying by the ET.
Kochhar was arrested after he was not cooperating in the investigation, the official said.