Former MD and CEO of ICICI Bank Chanda Kochhar was granted bail on a bond of Rs 5 lakh and was asked not to leave the country with the court's permission

The court added that Chanda Kochhar got illegal gratification through her husband Deepak Kochhar through various companies by siphoning off money

The ED had filed a money laundering case against the Kochhars, Dhoot and others for illegal sanctioning of loans amounting to Rs 1,875 crore to the Videocon Group of companies

Videocon Group chief and co-accused in the ICICI Bank money laundering case Venugopal told ED that Rs 64 crore was transferred to Deepak Kochhar's company Nupower Renewable Private Limited (NPRL) to get the loans sanctioned by ICICI Bank in 2009

The company started availing credit facilities from Yes Bank in 2017 worth Rs 650 crore, which was enhanced to Rs 1,015 crore next year

The central probe agency had arrested Deepak Kochhar in September after it filed a criminal case of money laundering after studying an FIR registered by the CBI against the Kochhars, Dhoot and others.

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Days after his arrest, he tested coronavirus positive and underwent treatment at hospital as per the direction of the court. He recently recovered from the infection and was then remanded in judicial custody

Businessman Deepak Kochhar was arrested on September 7 under the Prevention of Money Laundering Act (PMLA) for alleged money laundering in a deal between ICICI Bank and Videocon Group

Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar, was arrested last week for alleged money laundering in a deal between the private lender and Videocon Group

Deepak Kochhar was arrested by Mumbai branch of the ED under the Prevention of Money Laundering Act in connection with the ICICI Bank-Videocon money laundering case

Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar, has been arrested in relation to the ICICI Bank-Videocon case

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The ED had, in March last year, carried out several raids, one of which was conducted at Deepak Kochhar's office from where it seized a hard disk, diary, and Rs 10.5 lakh

Apart from rise in financial frauds in private companies in India, recent years have also witnessed a rise in the role of shell companies and tax havens in their operations, raising further concerns about illicit operations

The ED has allegedly identified five such properties in Delhi, and many others in Mumbai, apart from properties in the United States, Uinted Kingdom and France

The development comes less than a week after the Enforcement Directorate attached assets worth Rs 78 crore, include a flat in South Mumbai, land, cash and machinery, belonging to the Kochhars

ICICI Bank's affidavit says Kochhar's petition challenging her sacking, claiming violation of the RBI rules, is an 'malafide attempt' to secure valuable stock options of the bank

As per book value, total worth of the attached assets is estimated to be above Rs 78 crore, but their market value is expected to be much higher

Even as banks lower their NPAs for the year, new areas of stress are emerging that may create headaches for the financial sector and the RBI