Deepak Kochhar, a passionate squash player, is the founder and CEO of NuPower Renewables Pvt. Ltd. He gained the spotlight following the CBI investigations into alleged favours of ₹64 crore he received from industrialist Venugopal Dhoot. He was arrested by ED on charges of Money laundering recently.
Businessman Deepak Kochhar is better known as the husband of former ICICI Bank CEO Chanda Kochhar was arrested by the Enforcement Directorate for alleged money laundering in a deal between the bank and Videocon Group.
The ED had filed a criminal case under the Prevention of Money Laundering Act (PMLA) against Kochhar, her husband, and Venugopal Dhoot of Videocon Group early last year. It investigated the alleged irregularities and corrupt practices in sanctioning ₹ 1,875 crores in loans by ICICI Bank.
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.
Deepak Virendra Kochhar is a low profile businessman and the first generation entrepreneur. 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. When Kochhar’s wife, Chanda was the MD and CEO of ICICI Bank, Videocon Industries got a loan of ₹3,250 crore from ICICI Bank.
He is passionate about squash and won three national titles as well. Kochhar remained into the finance industry while headed Credential Finance along with his brother. Few reports say, that the company accepted public deposits but winded up in a few years.
Then came up NuPower Renewables. It is a company in the renewable energy space and set up in December 2008. 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.
ALSO READ: Interpol issues global bench warrant against Nirav Modi’s wife in PNB fraud case
