The Enforcement Directorate on Monday arrested Deepak Kochhar, the husband of ICICI Bank’s former CEO Chanda Kochhar.
Deepak was being questioned by the ED whole day before he was arrested in the night.He has been arrested under the provisions of the Prevention of Money Laundering Act (PMLA).
Total assets worth Rs 78 crore were attached by the ED. This includes her flat in Mumbai and some other properties belonging to the company of her husband, Deepak Kocchar.
Apart from the ED, the Kochhars are being probed by multiple revenue and law enforcement agencies, including the income tax department, the Central Bureau of Investigation and the Serious Fraud Investigation Office.
In March this year, the Bombay High Court has dismissed Chanda Kochhar’s plea challenging her termination as the bank’s Managing Director and CEO. A division bench comprising Justice N.M. Jamdar and Justice M.S. Karnik accepted the ICICI Bank’s contention that the petition was not maintainable as it was a contractual dispute concerning a private body.
In her plea filed in November 2019, Kochhar had challenged the private bank’s actions seeking to recover various amounts towards the clawback of bonuses and stock options given to her between April 2009 – March 2018 for her alleged role in extending loans of Rs 3,250 crore to the Videocon Group which benefited her husband Deepak Kochhar.
The ICICI-Videocon case pertains to an alleged misappropriation cited in loans given by the ICICI Bank to Videocon.