ICICI Bank-Videocon case: All you need to know about Deepak Kochhar

Deepak Kochhar was on September 7 arrested by the Enforcement Directorate on charges of money-laundering in the ICICI Bank-Videocon case. Kochhar will be in ED custody till September 19.

The ED initiated an investigation against Kochhar under the the Prevention of Money Laundering Act (PMLA), on the basis of an FIR registered by the Central Bureau of Investigation (CBI).

Deepak Kochhar is the husband of former ICICI Bank chief executive Chanda Kochhar, and the founder-CEO of NuPower Renewables.

The ED had in January 2020 registered a money laundering case against Chanda and Deepak Kochhar, Videocon CMD Venugopal Dhoot and others over alleged irregularities and corrupt practices in sanctioning of loans worth Rs 1,875 crore by ICICI Bank.

Also Read: ICICI-Videocon case | Deepak Kochhar arrested. Is Chanda Kochhar next?

Founded in December 2008, NuPower Renewables has wind farms in Tamil Nadu, Karnataka and Rajasthan. It was set up as a joint venture between the Dhoots, the Kochhars and the Advanis.

At the time when NuPower was incorporated, Chanda Kochhar was the Chief financial Officer and Joint Managing Director at ICICI Bank.

Kochhar holds a Master’s Degree in Finance from the Jamnalal Bajaj Institute of Management Studies (JBIMS), Bombay University, where Chanda Kochhar (then Chanda Advani) was his batchmate. He is also an alumnus of Harvard Business School.

Prior to setting up NuPower, Kochhar was a financial services entrepreneur  according to a report by IANS.

Pacific Capital Services has also been linked to the ICIC-Bank Videocon case.