After testing negative for COVID-19, businessman Deepak Kochhar, who was arrested by Enforcement Directorate (ED) in the ICICI Bank kickback for loan scam, has been sent to custody till October 17.
Kochhar, 59, was arrested on September 7 under the Prevention of Money Laundering Act (PMLA) for alleged money laundering in a deal between the private lender and Videocon Group. He was remanded to ED custody till September 19, but it was suspended after he tested positive for coronavirus and was sent to judicial custody.
Kochhar, husband of former ICICI Bank CEO Chanda Kochhar, underwent treatment at a private hospital in Delhi. The probe agency produced him before the special PMLA court in Mumbai again after he recovered from the infection and sought his remand.
The money-laundering case was registered in January last year against the businessman, his wife, Chanda Kochhar, Videocon Group MD Venugopal Dhoot and others over allegations of irregularities in loans extended by ICICI Bank to Dhoot-led Videocon Group when Chanda was at the helm of the bank. The ED registered a money laundering case against the Kochhars on the basis of a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI).
Kochhars came under probe agencies’ lens in October 2016 after whistleblower Arvind Gupta, an investor in both ICICI Bank and Videocon Group, raised concerns about alleged loan irregularities. He had raised concerns over the Rs 3,250 crore plus Rs 660 crore loans and alleged quid pro quo in the form of an identical 10 per cent foreign funding (Rs 325 crore and Rs 66 crore) in Kochhar’s husband Deepak Kochhar’s company NuPower Renewables.