ICICI-Videocon loan case: Chanda Kochhar, husband Deepak Kochhar likely to be released today
Chanda Kochhar and her husband Deepak Kochhar were arrested in connection with an alleged multi-crore money laundering scam.
Chanda Kochhar and her husband Deepak Kochhar were arrested in connection with an alleged multi-crore money laundering scam.
Kochhar's advocate Amit Desai argued that Chanda had voluntarily sent an email to CBI saying that she is willing to come and explain everything but didn't get any response for one week.
The Kochhars nabbed on December 23 and Dhoot arrested on December 26, was produced before a Special Central Bureau of Investigation Court
The case is related to alleged irregularities and corrupt practices in the sanction of a Rs 1,875 crore loan disbursed by ICICI Bank to the Videocon Group between 2009 and 2011.
On December 23, CBI had arrested Chanda Kochhar and Deepak Kochhar. The couple is scheduled to remain in CBI custody till today (December 26).
The Kochhars were questioned on many occasions last month in Mumbai. This is their first appearance before the ED in the national capital.
The case is related to the alleged irregularities and corrupt practices in the sanction of a Rs 1,875 crore loan disbursed by ICICI Bank to the Videocon Group during 2009 and 2011.
The two main group companies - Videocon Industries Ltd (VIL) and Videocon Telecommunication Ltd. (VTL) - owe Rs.59,451.87 crore and Rs.26,673.81 crore, respectively or a staggering Rs.86,125.68 crore to Indian banks, led by the State Bank of India (SBI).
Kochhar is accused of "sanctioning loans to private companies in a criminal conspiracy with other accused to cheat the ICICI Bank".
The board set up by the bank has also decided to take steps for 'clawback of all bonuses paid to her between April 2009 and March 2018, and to take such further actions as may be warranted in the matter'.
