Mahima
The Bombay High Court granted bail to Deepak Kochhar in connection with the ICICI-Videocon money laundering case.
Kochhar was arrested last year by the Enforcement Directorate (ED) under the prevention of Money Laundering (PMLA) Act for allegedly causing losses to the ICICI Bank by sanctioning loans to the Videocon Group of Companies violating the policies of the bank.
Kochhar moved the High Court after his bail petition was dismissed by a special court in Mumbai. ED registered a money laundering case against Kochhar couple, Videocon Group promoter Venugopal Dhoot and others after an FIR was registered by the Central Bureau of Investigation (CBI). Venugopal Dhoot, in his statement to ED, mentioned that Rs. 64 crore was transferred to
Deepak’s company Nupower Renewable Private Limited (NPRL) for sanction of Rs. 300 crore loan from ICICI Bank.
Dhoot’s statement also mentions that he was ‘forced’ by Chanda Kochhar to invest in her husband’s firm for successful sanction of loan to the Videocon group as she was the head of the committee which heard the proposals of Videocon for the loan. Kochhar contended that he wasn’t capable of creating third-party rights or interfering with the probe, if out on bail, because ED has already declared all the alleged proceeds of crime.
Justice Prakash D Naik granted him bail on merits and a personal bond of Rs. 3 lakh and sureties. He has also been ordered to surrender his passport and co-operate with the ongoing investigation. Previously, Kochhar was granted bail by Special Court for PMLA on a bond of Rs. 5 lakh.