Deepak Kochhar, arrested in ICICI Bank-Videocon case, tests positive for COVID-19

Deepak Kochhar, the husband of ex-ICICI CEO Chanda Kochhar tested positive for the novel coronavirus on Monday and has been admitted to AIIMS, Delhi. After a PMLA court in Mumbai remanded Deepak Kochhar to Enforcement Directorate custody till September 19, he was brought to Delhi for further investigation. Reportedly, the ED team and Kochhar's lawyer have been asked to quarantine themselves.

While seeking his remand, the ED had argued that his custodial interrogation is necessary as it may reveal crucial facts that are in his exclusive domain. The agency maintained that this was in the interest of the investigation of the money laundering offence in the ICICI Bank-Videocon case. While the court ruled that Kochhar’s custodial investigation is necessary, it permitted his lawyer Vijay Aggarwal to meet his client for 15 minutes on September 10, 13, 15, and 17 with prior intimation to the investigating officer.  

Read: BJP MP Udit Raj Writes To CBI, Demands Chanda Kochhar, Deepak Kochhar's Arrest

Money laundering probe

Deepak Kochhar is the founder of wind energy company NuPower Renewables Private Limited. On January 22, 2019, the CBI registered an FIR against the Kochhars, Videocon Group chairman Venugopal Dhoot, and 6 others over alleged quid pro quo in loan transactions between ICICI Bank and Videocon. As per the CBI, Chanda Kochhar allegedly received kickbacks through her husband from Videocon for sanctioning loans.

Based on this, the ED registered a money laundering case against the aforesaid individuals and entities for alleged irregularities in the sanctioning of loans worth Rs.1875 crore. Both the CBI and ED are yet to file a charge sheet in this case. The Kochhars, Dhoot, and other accused have vociferously refuted the charges. 

Read: HUGE Setback For Chanda Kochhar: ED Attaches Rs 78 Cr Assets In Videocon Loan Case

ED explains the need for custodial interrogation

Kochhar was arrested by the ED on September 7. During the remand hearing, the ED expressed apprehension that the accused may try to obfuscate the trail of proceeds of crime identified so far. It alleged that documents seized from various persons and entities provided details of companies owned by Kochhar. The agency added that it is trying to ascertain the flow of suspected funds through these companies. Claiming that Kochhar had delayed the probe, it explained that his custodial interrogation was necessary to unearth the source of funds in NuPower Renewables Private Limited, determining the role of other individuals who facilitated money laundering and confront him with voluminous evidence on record.  

Read: Videocon Case: Deepak Kochhar, Ex-ICICI CEO Chanda Kochhar's Husband Arrested By ED