You are here: Home » Current Affairs » News » National
Business Standard

Mumbai court grants bail to Chanda Kochhar, asks her not to leave country

The former ICICI Bank CEO was summoned by Special PMLA court in ICICI Bank-Videocon loan case

Topics
Chanda Kochhar

BS Web Team & Agencies 

Chanda Kochhar
Chanda Kochhar arrives at Mumbai Sessions Court after she was summoned in ICICI Bank-Videocon loan case (Photo: ANI)

A secial PMLA court in Mumbai on Friday granted bail to former MD & CEO of ICICI Bank on a bond of Rs 5 lakh and asked her not to leave the country without the permission of the court.

Kochhar appeared before the court 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.

appeared before the special Judge A A Nandgoankarand filed a bail application through her lawyer Vijay Agarwal.

The ED had arrested Deepak Kochhar in September 2020 after it filed a criminal case for money laundering based on an FIR registered by the CBI against the Kochhars, Dhoot and others.

The ED has alleged that Rs 64 crore, out of a loan amount of Rs 300 crore sanctioned by a committee of ICICI Bank headed by to Videocon International Electronics Limited, was transferred to Nupower Renewables Pvt Ltd (NRPL) by Videocon Industries on September 8, 2009, a day after the disbursement of loan.

NRPL was earlier known as Nupower Renewables Limited (NRL) and is owned by Deepak Kochhar, the ED said.

Taking cognisance of the charge sheet, Judge A A Nandgoankar had observed, "After going through the submissions, written complaints and statements recorded under PMLA, it appears that Chanda Kochhar had misused her official position in granting loan to accused Dhoot and/or Videocon group companies."


"And (it appears) she got illegal gratification/undue advantage through her husband...through various companies for siphoning off money and proceeds of crime," the court had said.

The material produced by the ED constitutes the commission of offence, and it is "sufficient to proceed against the accused persons", the court had said.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, February 12 2021. 13:15 IST
RECOMMENDED FOR YOU
.