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ICICI Bank-Videocon case: Deepak Kochhar granted bail by Mumbai court

Deepak Kochhar was arrested in September last year by the Enforcement Directorate under the Prevention of Money Laundering Act (PMLA)

twitter-logoBusinessToday.In | March 25, 2021 | Updated 13:39 IST
ICICI Bank-Videocon case: Deepak Kochhar granted bail by Mumbai court
Deepak Kochhar gets bail

The Bombay High Court granted bail to Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar on Thursday in connection with ICICI Bank-Videocon money laundering case. He was arrested in September last year by the Enforcement Directorate under the Prevention of Money Laundering Act (PMLA).

Following that, a Mumbai court dismissed Kochhar's bail plea in December. The money laundering case was registered against Kochhar by the Central Bureau of Investigation (CBI). Chanda Kochhar and Videocon promoter Venugopal Dhoot were also booked in the case.

As per reports, Dhoot had said in his statement to the ED that Rs 64 crore was transferred to Kochhar's company Nupower Renewables against sanctioning of loans from ICICI Bank headed by Chanda Kochhar.

The first chargesheet was filed by the ED in November 2020. According to a report in India Today, Dhoot's statement said that he was "forced" by Chanda Kochhar to invest in her husband's firm before the loan was sanctioned to Videocon.

Chanda Kochhar was part of the committee that heard Videocon's proposals for the loan. She was granted bail in the case last month on a bond of Rs 5 lakh by a Mumbai court. She was asked not to leave the country without the court's permission.

The former ICICI Bank chief was sacked in 2019 after she stepped down from the post.

Meanwhile, the CBI is running an independent investigation into the ICICI Bank-Videocon loan case, along with three more companies. The ED is also probing at least two other loans -- Sterling Biotech and the Bhushan Steel Group -- given by ICICI Bank under Chanda Kochhar's tenure.

Also read: Deepak Kochhar tweaked firm's books after ICICI probed Chanda Kochhar: ED

Also read: Drivers, gardeners, office boys appointed directors in Deepak Kochhar, Venugopal Dhoot's firms: ED

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