ICICI-Videocon scam: Deepak Kochhar tests positive for Covid-19, ED officials quarantine selves

Remanded to ED custody till September 19 in connection with the ICICI Bank 'kickbacks for loan' scam involving his wife Chanda and Videocon, Deepak Kochhar was arrested earlier this month.

Deepak Kochhar, currently in the custody of the Enforcement Directorate(ED) has tested positive for Covid-19. The agency arrested Kochhar in connection with the ICICI Bank 'kickback for loan scam' earlier this month.

Apart from ED officials who questioned Deepak Kochhar, his lawyer has also decided to quarantine themselves.

A special PMLA court on September 8 remanded Kocchar to ED custody till September 19. Deepak Kochhar is the husband of former ICICI Bank MD and CEO Chanda Kochhar.

He was reportedly arrested on September 7 after he could not explain a number of transactions related to his firm NuPower Renewables and Videocon Group. According to officials, NuPower Renewables was the recipient of a Rs 64 crore investment from Videocon Group and another Rs 325 crore investment from Matix Fertilisers in 2010. These investments were made shortly before these firms were granted loans by ICICI Bank of which Deepak Kochhar's wife Chanda was the CEO and MD at the time.

Chanda Kochhar has also been questioned in connection with the case. The ED had also provisionally attached Chanda Kochhar's assets, including shareholdings and her Mumbai apartment worth nearly Rs 80 crore.

The CBI had in January 2019 registered an FIR against Venugopal Dhoot-led Videocon Group and NuPower Renewables in connection with a Rs 3,250 crore scam. Raids were also carried out at offices owned by the firms after a shareholder alleged that Deepak's wife Chanda Kochhar approved a loan of Rs 3,250 crore to Venugopal Dhoot's Videocon Group while she was MD and CEO of ICICI Bank.

In June of this year, the Central Bureau of Investigation (CBI) filed an FIR against Videocon's Chief Managing Director Venugopal Dhoot. The apex probe agency accused Dhoot of defrauding a consortium of banks, including the State Bank of India.