Deepak Kochhar, one of the prime accused in Videocon-ICICI loan fraud case, on Wednesday was remanded to Enforcement Directorate’s (ED) custody until September 19 by a special Prevention of Money Laundering Act (PMLA) court in Mumbai.
Kochhar was produced in the court on Tuesday after the federal investigative agency arrested him on Monday night.
ED in its remand application said that in September 2009, ICICI Bank sanctioned loan of Rs 300 crore to Videocon International Electronics Ltd (VIEL), when his wife Chanda Kochhar, was the chairman of the sanctioning committee of ICICI Bank. VIEL is a subsidiary of Videocon group.
