Chanda Kochhar granted bail in ICICI Bank-Videocon money laundering case

Former ICICI Bank CEO and MD Chanda Kochhar was granted bail by a special PMLA court here on Friday in connection with the ICICI Bank-Videocon money laundering case.

The special court for Prevention of Money Laundering Act (PMLA) had on January 30 summoned Chanda Kochhar, her husband Deepak Kochhar, Videocon Group promoter Venugopal Dhoot and other accused in the case after taking cognisance of the Enforcement Directorate's (ED) charge sheet.

Accordingly, Chanda Kochhar appeared before special court judge A A Nandgoankar. Following her appearance, her lawyer Vijay Agarwal filed her bail application. The court allowed the same on a bond of Rs 5 lakh.

Earlier in May 2020 Enforcement Directorate (ED) had questioned and recorded statements of her and her husband Deepak Kochhar in connection with the investigation into alleged irregularities and corrupt practices in the sanction of Rs 1,875 crore loan disbursed by ICICI Bank to Venugopal Dhoot-led Videocon Group in 2009 and 2011.

The ED conducted raids at locations linked to them in March 2020.

It had also grilled Chanda Kochhar's brother-in-law Rajiv Kochhar from April 30 to May 2, stating that he withheld crucial information pertaining to the case. Dhoot was also questioned in connection with the case.

Earlier in 2019, the Central Bureau of Investigation (CBI) had registered an FIR in the ICICI-Videocon loan case involving Kochhars.

It was investigating irregularities in the Rs 40,000 crore loan granted by a consortium of lenders. Chanda Kochhar has been accused of misusing her position in the company after she allegedly provided a Rs 3,250 crore loan to the Videocon Group on a quid pro quo basis in 2012.

(With inputs from ANI and PTI)

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