ICICI Bank-Videocon case: Deepak Kochhar remanded to custody till September 19

A day after the Enforcement Directorate arrested ICICI Bank’s former CEO & MD Chanda Kochhar’s husband Deepak Kochhar, a special court in Mumbai on Tuesday remanded him to custody till September 19.

Deepak Kochhar faces charges of money laundering in the ICICI Bank-Videocon case. The case against the Kochhar couple and Videocon Group boss Venugopal Dhoot was first registered by Central Bureau of Investigation (CBI) for alleged corruption.

Also Read | ICICI Bank-Videocon case: ED arrests Chanda Kochhar's husband Deepak Kochhar

Based on the CBI complaint ED had initiated a probe into money laundering. Deepak Kochhar was produced before a special court set up under Prevention of Money Laundering Act (PMLA), which remanded him to the agency’s custody till 19 September.

According to the CBI-ED investigations, the Kochhar husband-wife duo, Dhoot, Videocon International Electronics Ltd, Videocon Industries Ltd, Npower Renewables Ltd, Supreme Energy Pvt Ltd and unnamed private and public persons have cheated the ICICI Bank to the tune of Rs 1,730 crore.

The ED, early this year, also attached assets -- including a Mumbai flat where the couple lived, land, and plant and machinery of a wind farm project based in Tamil Nadu and Maharashtra -- valued at Rs 78 crore "in possession of" Chanda Kochhar, Deepak Kochhar and the companies owned and controlled by him.