ICICI Bank Scam: Who Is Deepak Kochhar? All About Chanda Kochhar's Husband Arrested By ED On Charges Of Money Laundering

ICICI Bank - Videocon Case: A passionate squash player, Deepak Kochhar, is the founder and CEO of NuPower Renewables Pvt. Ltd who gained the spotlight following the CBI investigations into alleged favours of ₹64 crore he received from industrialist Venugopal Dhoot.

Chanda and Deepak Kochhar.

New Delhi: Businessman Deepak Kochhar and better known as the husband of former ICICI Bank CEO Chanda Kochhar has been arrested by the Enforcement Directorate for alleged money laundering in a deal between the bank and Videocon Group.   The probe agency had filed a criminal case under the Prevention of Money Laundering Act (PMLA) early last year against Kochhar, her husband, and Venugopal Dhoot of Videocon Group to investigate alleged irregularities and corrupt practices in sanctioning ₹ 1,875 crores in loans by ICICI Bank. According to the Economic Times report, ED had attached assets of Kochhars to the tune of Rs 78 crore as proceeds of the crime.  He has been accused of receiving Rs 64 crore from Videocon in NuPower Renewables Ltd, after Videocon Industries got a loan of ₹3,250 crore from ICICI Bank. Here is what you should know about the low profile businessman and the first generation entrepreneur Deepak Virendra Kochhar. Who is Deepak Virendra Kochhar? Kochhar has received a Master’s Degree in Finance from the Jamnalal Bajaj Institute of Management Studies (JBIMS), Bombay University. He is also an alumnus of the Harvard Business School. Kochhar is the founder and CEO of NuPower Renewables Pvt Ltd. Kochhar gained the spotlight following the CBI investigations into alleged favours of ₹64 crore he received from industrialist Venugopal Dhoot. It is alleged that Videocon Industries got a loan of ₹3,250 crore from ICICI Bank. Kochhar’s wife, Chanda was the MD and CEO of ICICI Bank back then. He has a passion for squash and won three national titles as well. Kochhar remained into the finance industry while headed Credential Finance along with his brother. As per the Hindu report, the company accepted public deposits but winded up in a few years. What is NuPower Renewables business all about? NuPower Renewables is a company in the renewable energy space and set up in December 2008.  As per the report in Economic Times, the company was started as a joint venture between Videocon’s Group’s Venugopal Dhoot family, the Kochhar’s and Advani families. The company has around 700 MW of renewable energy assets operating and some in the pipeline. Those projects are spread across the country and located in Tamil Nadu, Karnataka, Rajasthan, Maharashtra, Andhra Pradesh and Madhya Pradesh. The entrepreneur also incorporated NuPower Windfarms Limited in 2013 and Echanda Urja Private Limited in 2014 and became the director in March 2016. Coincidentally, NuPower offices are in the vicinity of the corporate headquarters of the ICICI Bank at the Bandra Kurla Complex.