Mumbai: The Enforcement Directorate (ED) has arrested Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar, in connection with a money laundering case, officials said on Monday.
They said Deepak Kochhar was arrested by the agency in Mumbai under sections of the Prevention of Money Laundering Act (PMLA).
The couple has been questioned by the central probe agency in a case of alleged irregularities and money laundering in giving bank loans to the Videocon group.
The ED, early this year, also attached assets worth Rs 78 crore “in possession of” Chanda Kochhar, Deepak Kochhar and the companies owned and controlled by him.
Also read: CBI books Videocon chairman Venugopal Dhoot on corruption charges
All of them thrived during UPA rule, with Chidambaram at helm, MMS not opening mouth and these bankers used to patronize big boss in Delhi buying their paintings for multi crores. Quid-pro-quo is common. It is not easy to catch everyone as it has much more deep into.
I used to admire Chanda Kochhar. She was hunble, graceful and epitomized leadership. Sad to see the fall.
What a sad mighty fall !
Ms. Kochhar and her husband are not exceptions. This is the norm in the Indian banking sector. The whole industry runs on quid pro quos. Needless to say, the private banks are the worst ones.
Talk to any employee of a pvt sector bank and you would find them working 12-14 hour days. More often than not they are sleep deprived and hardly get time for their family. Exploited and overworked with a pittance for a salary.
The only ones profiting off the industry are the senior management and the shareholders.
Sounds great move, however, this would scare the s**t out of all bankers and CEOs. In this time where the businesses need confidence boosters, actions like this, despit the merit of this case would do more harm than good.
Cleaning up the corruption is a process and not an event. Selective targeting businesses is terrible.