Education

Bombay HC grants bail to Deepak Kochhar in money laundering case

The only-judge bench of justice Prakash D Naik granted Kochhar bail on furnishing private bond of three lakh and sureties. Kochhar has been directed to give up his passport with authorities and cooperate with probe. A particular court docket had rejected his bail plea in December, 2020

By HT Correspondent | Edited by Smriti Sinha

UPDATED ON MAR 25, 2021 03:45 PM IST

The Bombay excessive court docket on Thursday granted bail to Deepak Kochhar, husband of former ICICI Financial institution CEO Chanda Kochhar, arrested by the Enforcement Directorate (ED) final September underneath the Prevention of the Cash Laundering Act (PMLA) within the alleged ICICI Financial institution- Videocon cash laundering case.

The only-judge bench of justice Prakash D Naik granted Kochhar bail on furnishing private bond of three lakh and sureties. Kochhar has been directed to give up his passport with authorities and cooperate with the probe.

A particular court docket had rejected his bail plea in December final 12 months following which, Kochhar approached the excessive court docket.

Additionally Learn | Cash laundering case: Videocon’s Venugopal Dhoot will get bail

Each Chanda and Deepak Kochhar had been booked by the ED underneath the PMLA after the Central Bureau of Investigation (CBI) registered an FIR in opposition to the couple, Videocon group promoter Venugopal Dhoot and others. The central companies are investigating their alleged involvement in illegally sanctioning about 1,875 crore mortgage to the Videocon Group.

The ED probe has allegedly revealed that ICICI Financial institution disbursed a mortgage to Videocon Worldwide Electronics Ltd (VIEL) on September 7, 2009, when Chanda was on the helm and the very subsequent day, part of the mortgage obtained by VIEL group was transferred to NuPower Renewables Pvt Ltd (NRL), an organization belonging to Deepak. ED termed the quantity transferred from Videocon to NuPower as proceeds of crime.

On February 12, the particular PMLA court docket granted bail to Chanda Kochhar, on a bond of 5 lakh.

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