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Chanda Kochhar gets bail in money transfer case

  • Kochhar on Friday appeared earlier than the particular PMLA courtroom, following summons by the courtroom. Her lawyer, advocate Vijay Agarwal, then sought bail for her.

PUBLISHED ON FEB 13, 2021 05:01 AM IST

The particular PMLA (Prevention of Cash Laundering Act) courtroom in Mumbai on Friday granted bail to Chanda Kochhar, former MD and CEO of ICICI Financial institution, in reference to the money-laundering case involving a 1,875 crore mortgage to the Videocon Group, probed by the Enforcement Directorate.

Kochhar on Friday appeared earlier than the particular PMLA courtroom, following summons by the courtroom. Her lawyer, advocate Vijay Agarwal, then sought bail for her. The courtroom granted her bail on a private bond of 5 lakh and likewise requested her to submit her passport to the ED instantly and to not depart the nation with out prior permission of the courtroom.

On January 30, whereas taking cognizance of the cost sheet filed by ED, the courtroom issued summons to Kochhar and different accused allegedly concerned within the money-laundering case.

The ED had filed a cost sheet in opposition to Kochhars (Chanda Kochhar and her husband Deepak), and Venugopal Dhoot of Videocon Industries Ltd (VIL) on Three November 2020.

ED’s proceedings are primarily based on a primary data report (FIR) registered by the CBI, which had in 2017 initiated an inquiry in opposition to the Kochhars after a whistleblower alleged that ICICI Financial institution had sanctioned a credit score facility of about 3,250 crore to numerous entities in contravention of its guidelines and insurance policies.

Within the FIR registered in January 2020, the CBI alleged that six high-value loans value 1,875 crore got by ICICI Financial institution to Videocon Group corporations between 2009 and 2011. It was alleged that in 2009 a credit score facility to Videocon was prolonged in contravention of guidelines and coverage by the sanctioning committee. At the moment Chanda Kochhar was one of many members of the panel.

A mortgage of 300 crore was disbursed to Videocon Worldwide Electronics Ltd, a Videocon Group firm on 7 September 2009. It’s alleged that 64 crore of the mortgage quantity was transferred to NuPower Renewables Pvt. Ltd by VIL on eight September 2009.

ED’s prosecution criticism mentioned that “Chanda Kochchar had requested V.N. Dhoot to deal with her husband’s (Deepak Kochchar’s) curiosity by placing cash within the wind energy venture of her husband. V.N. Dhoot diverted the mortgage funds amounting to 64 crore (proceeds of crime) to NRPL (the corporate of her husband).”

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