Deepak Kochhar, husband of former ICICI bank chief Chanda Kochhar, is arrested in connection with Videocon loan case

• The ED has been probing the Kochhars and others in a case of alleged irregularities and money laundering in giving loans by the bank to the Videocon group.
• As the CEO of ICICI Bank, Chanda Kochhar had sanctioned a ₹3,250 crore loan to Videocon Group in 2012 and itwas eventually declared non-performing in 2017. It is suspected that the loan, which eventually turned sour, was given in lieu of kickbacks guised as investments.
• The infamous scandal, which was brought to light in early 2019, ended the illustrious career of Chanda Kochhar, who was at one time India's most celebrated banker.

Deepak Kochhar, the husband of former ICICI bank chief Chanda Kochhar, has been arrested by the Enforcement Directorate for alleged money laundering in connection with the ICICI-Videocon loan case. The ED has been probing the Kochhars and others in a case of alleged irregularities and money laundering in giving loans by the bank to the Videocon group.

Earlier this year, the investigating agency had frozen Chanda Kochhar's assets worth ₹78 crore.

As CEO, Kochhar sanctioned a ₹3,250 crore loan to Videocon Group in 2012 and it was eventually declared non-performing in 2017.

In 2008, the promoter of Videocon Group, Venugopal Dhoot, set up a multi-crore venture with Kochhar’s husband, Deepak, and two of her relatives called NuPower Renewables Pvt Ltd. Six months after receiving the loan from ICICI Bank, Dhoot transferred his ownership in the company to a trust headed by Deepak Kochhar for a meagre amount.

Following Kochhar’s resignation, ICICI’s contingency plan has kicked into high-gear. Sandeep Bakshi, who was made the COO after Kochhar went on leave, has been named as the bank’s new CEO and MD for a period of five years.

The infamous scandal, which was brought to light in early 2019, ended the illustrious career of Chanda Kochhar, who was at one time India's most celebrated banker.

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