ED Arrests Chanda Kochhar’s Husband in Rs 1875 Crore Loan Scam

Deepak Kochhar silent over certain transactions

The Enforcement Directorate (ED) arrests Deepak Kochhar in the ICICI Bank-Videocon loan case. He will remain in custody till September 19, 2020 for further questioning. ED is grilling Mr Kochhar over certain transactions after finding concrete evidence against him. His arrest does not come as a surprise as he was unable to explain certain transactions. Reports also suggest that he has not been cooperating with ED’s investigating team.

Mr and Mrs Kochhar accused of receiving illegal gratification from Videocon

ED initiated an investigation after the Central Bureau of Investigation (CBI) registered a case against the Kochhars and Dhoot among others in January last year. The Kochhar duo is accused of receiving illegal gratification from Videocon for sanctioning the loans.

It has been alleged that Deepak Kochhar's firm, NuPower Renewables, illegally received an investment of Rs 64 crore from Videocon Group and Rs 325 crore from Matix Fertilisers in 2010 soon after they were granted loans by ICICI Bank. The investigating agencies claim that Chanda Kochhar abused her official position and played a key role in dishonest sanction of these loans.” 

Chanda Kochhar’s role in arbitrary loan sanctions to private firms under the scanner

The former CEO of ICICI Bank is being questioned for her role in loan sanctions to private firms apart from Videocon and Matix Fertilisers during her tenure as chief of the bank. ED suspects Chanda Kochhar of using her husband’s firm as a vehicle for benefiting in exchange of illegal loan sanctions. Earlier, the ED had provisionally attached Chanda Kochhar's assets, including shares and her Mumbai apartment, altogether worth Rs 78 crore.