[blackwasp]

Deepak Kochhar, the husband of former ICICI Bank CEO Chanda Kochhar, who was recently brought to Delhi from Mumbai by a team of the Enforcement Directorate (ED) in a money laundering case, has met his lawyer Vijay Aggarwal at its Khan Market headquarter here following court directions.

A Mumbai court had sent Deepak Kochhar to ED custody till September 19 in connection with the money laundering case related to the alleged misappropriation in the loans granted by the ICICI Bank to Videocon. However, he was also allowed to have several meetings with his lawyer.

Advocate Vijay Aggarwal had met Deepak Kochhar in Delhi on September 10 for legal guidance in the matter and is again slated to meet with him on Monday. The ED team had brought him to Delhi to confront him with voluminous documents and other materials collected during raids at his office. Additional Solicitor General Anil Singh and advocate Naveen Kumar Matta, representing the ED, had submitted that throughout the course of the investigation, Deepak had remained evasive and non-cooperative.

The stand of Deepak Kochhar on certain crucial aspects is contrary to the records of the case, despite being provided with ample opportunities to rebut the same, the lawyer said adding that he also willfully withheld the information which was in his exclusive knowledge. The ED has also said that there was material in possession and reasons to believe that the Deepak Kochhar is guilty of the offences of money laundering as defined under sections of the Prevention of Money Laundering Act.

The economic offences watchdog had said that Deepak Kochhar is involved in the laundering of the proceeds of crime and has been involved in projecting the proceeds of crime as untainted. It said that he directly attempted to indulge, knowingly assist, is knowingly a party and is actually involved in process or activity connected with the proceeds of crime and projecting it as untainted property. He is in fact owning and continuing to enjoy the proceeds of crime generated from the criminal activity related to the scheduled offences, in this case, the ED had said.

Source

[GTO]

While theft at all levels is sad - even for 5 rupees - it is quite disheartening how people who even have everything resort to such cheating. The more I read about the Kochhar's theft & fraud, the angrier I get. I am glad that Deepak is arrested. Now, it's time to put his accomplice Chanda behind bars. There is no reason for her to be sitting at home.

[sasi@8689]

^^More than the intent of fraud / theft, i believe it is the absolute power vested that makes them feel some sort of invincible. That, coupled with the inherent greed for money, would make people do these kind of shady things, i guess. When this news was hot, i remember reading how she was more of a micro-manager than a delegator, how she used to be the only person often on the dais facing press without any other senior management team etc. With this kind of unquestioned authority, i guess these things are bound to happen

But, what a fall this has been; from an executive trainee to managing director, she had covered literally the two ends of organisational hierarchy and then to go down like this !!

[libranof1987]

What a tragedy, not just for Corporate India but our society in general. For someone to have been acclaimed for breaking the glass ceiling, not just in becoming a woman CEO but one in the BFS industry at that, Chanda Kocchar's implicit or unknowing involvement in this case has brought such a sad end to her otherwise remarkable rise.

Here's an interesting article on her.

Kocchar ran the business with an iron hand and had all the attention to herself – so much so that at company events and press sessions, there was just one chair on the dais and Kochhar the only one who spoke. In fact, so total was her domination and micro-management that decision making was stifled at departments and she came to define the bank. Such a control freak nature ensured clarity of messaging but drastically reduced the leadership pipeline. Unlike Kamath who was spoilt for choice while selecting his successor, ICICI bank didn’t have as strong a leadership pipeline to replace Kochhar.

Leaders with Kochhar’s approach to leadership often struggle with understanding the true pulse of the organization during challenges. Without trusting relationships, voices of dissent, contrarian views and bad news stop reaching the leader - leading to an underestimation of the challenge until it snowballs into a catastrophe. This is precisely what happened with Kochhar

https://www.linkedin.com/pulse/why-d...a-jamalamadaka