The Bombay High Court on Thursday granted bail to Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar. Last year in September, he was arrested by the Enforcement Directorate (ED) under the Prevention of the Money Laundering Act (PMLA) for his involvement in the alleged ICICI Bank- Videocon money laundering case.
Justice Prakash D Naik has granted him bail in an oral order but has directed him to surrender his passport to the investigation authorities and has also directed him to furnish the personal bond of Rs 3 lakh.
Earlier on December 1, the special court had rejected his bail plea. Subsequently, Kochhar had challenged that ruling in the Bombay High Court and sought bail.
The ED registered the money laundering case following an FIR registered by the Central Bureau of Investigation (CBI) against the Kochhars, Videocon Group promoter Venugopal Dhoot and others. The central investigation agency is investigating the alleged involvement of Kochhars and their business entities for ‘illegal sanctioning of a loan of about Rs 1,875 crore to Videocon Group firms.’
The investigation by ED has allegedly revealed that ICICI Bank disbursed a loan of Rs 300 crore (Rs 283.45 crore actual disbursed amount) to Videocon International Electronics Ltd (VIEL) on September 7, 2009, when Chanda was at the helm.
On the very next day, Rs 64 crore was transferred out of the loan received by VIL group from ICICI was transferred to NuPower Renewables Pvt Ltd (NRL) through Supreme Energy Private Ltd (SEPL).
ED has termed Rs 64 crores as proceeds of crime and is treating it as ‘quid pro quo’ for the loan sanctioned to VIL group by ICICI when Chanda was heading it.
The Kochhars are being probed also by the income tax department and the Serious Fraud Investigation Office of the Ministry of Corporate Affairs.
On February 12, The special PMLA (Prevention of Money Laundering Act) court granted bail to Chanda Kochhar, on a bond of Rs 5 lakh. However, the court has directed her not to leave the country without prior approval of the court.
Justice Prakash D Naik has granted him bail in an oral order but has directed him to surrender his passport to the investigation authorities and has also directed him to furnish the personal bond of Rs 3 lakh.
Earlier on December 1, the special court had rejected his bail plea. Subsequently, Kochhar had challenged that ruling in the Bombay High Court and sought bail.
The ED registered the money laundering case following an FIR registered by the Central Bureau of Investigation (CBI) against the Kochhars, Videocon Group promoter Venugopal Dhoot and others. The central investigation agency is investigating the alleged involvement of Kochhars and their business entities for ‘illegal sanctioning of a loan of about Rs 1,875 crore to Videocon Group firms.’
The investigation by ED has allegedly revealed that ICICI Bank disbursed a loan of Rs 300 crore (Rs 283.45 crore actual disbursed amount) to Videocon International Electronics Ltd (VIEL) on September 7, 2009, when Chanda was at the helm.
On the very next day, Rs 64 crore was transferred out of the loan received by VIL group from ICICI was transferred to NuPower Renewables Pvt Ltd (NRL) through Supreme Energy Private Ltd (SEPL).
ED has termed Rs 64 crores as proceeds of crime and is treating it as ‘quid pro quo’ for the loan sanctioned to VIL group by ICICI when Chanda was heading it.
The Kochhars are being probed also by the income tax department and the Serious Fraud Investigation Office of the Ministry of Corporate Affairs.
On February 12, The special PMLA (Prevention of Money Laundering Act) court granted bail to Chanda Kochhar, on a bond of Rs 5 lakh. However, the court has directed her not to leave the country without prior approval of the court.
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2 Comments on this Story
 | Mukesh Mehta1 hour ago Exactly, Videocon , Boss , seems to be spared |
 | Nasir Ali Zaidi4 hours ago Ultimately both husband and wife are out from jail. Judicial process and ultimate award will take quite time. Charges slapped against them will not be able to hold court scrutiny. |