THE ENFORCEMENT Directorate (ED), while seeking custody of Deepak Kochhar — the husband of former ICICI Bank MD and CEO Chanda Kochhar — before a Mumbai court Tuesday, claimed that an “elaborate web of entities” was created to hold the amount of Rs 64 crore, received as alleged “illegal gratification” from Videocon Group for sanction of a Rs 300 crore loan by ICICI Bank in 2009.
The ED, which arrested Deepak on Monday, said in its remand application that he had remained “evasive and non-cooperative”. Additional Solicitor General Anil Singh, with special public prosecutor Sunil Gonsalves, submitted that hence his custodial interrogation was necessary to “decipher the money trail, ascertaining further proceeds of crime” and determining the roles of other accused. Deepak Kochhar’s defence team, comprising lawyers Vijay Aggarwal, Ashul Agarwal and Rahul Agarwal, opposed the plea stating that he had joined the ED in its probe nearly 12 times and had already submitted all relevant documents.
According to the FIR filed by the Central Bureau of Investigation (CBI) in January 2019 against Chanda, Deepak, Videocon Group MD Venugopal Dhoot and others, from June 2009 to October 2011, ICICI Bank sanctioned six “high-value” loans to various Videocon Group companies. These loans have turned non-performing assets resulting in wrongful loss to the ICICI Bank and wrongful gain to borrowers and accused persons, the CBI had claimed.
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