ICICI Bank-Videocon Case. At one time, the bank sector was a big name and Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar, got a big relief in the ICICI Bank-Videocon case. Deepak Kochhar has got bail from Bombay High Court. The Enforcement Directorate arrested Deepak Kochhar in the money laundering case in the month of September 2020.
Bail application was filed
Chanda Kochhar’s husband Deepak Kochhar was alleged to have taken Rs 64 crore from Videocon Electronics Ltd. for his own company. Which was being investigated through the ED. For which Deepak had filed an application for bail in the special court, in which he said that the plaintiffs could not file the charge sheet in the deadline fixed in the case.
Arrested in September
In the ICICI Bank-Videocon case, the ED made Deepak Kochhar the main accused and was arrested in September 2020 in the PMLA money laundering case. After which they were found to be Kovid 19 positive. He was admitted to AIIMS for treatment. On the other hand, the special PMLA court of Mumbai granted bail to Chanda Kochhar in the case of loan of Rs 1,875 crore to Videocon Group. Due to this investigation, Chanda Kochhar had to resign from the post of CEO of ICICI. Chanda Kochhar described all the allegations leveled against her and her husband as baseless.
What is the whole case
On behalf of the Enforcement Directorate, it was alleged that the ICICI Bank committee headed by Chanda Kochhar received transfers of Rs 64 crore to Newpower Renewable Private Limited in return for a loan of Rs 300 crore to Videocon International Electronics Limited. The owner of NRPL is Deepak Kochhar, husband of Chanda Kochhar. Also, NRL had collected a net revenue of Rs 10.65 crore from this corrupt fund. In this way an amount of 74.65 crores was transferred to NRPL.