Banking Business Maharashtra

Money laundering case: Special PMLA court grants bail to Ex MD and CEO of ICICI Bank Chanda Kochhar

(G.N.S) Dt. 12


In connection with the ICICI Bank-Videocon money laundering case, special PMLA court on Friday granted bail to former MD and CEO of ICICI Bank Chanda Kochhar on a bond of Rs 5 lakhs, court has told her not to leave the country without permission.

The special court for Prevention of Money Laundering Act (PMLA) had on January 30 summoned 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’s) charge sheet.

Chanda Kochhar appeared before the special judge A A Nandgoankar and filed a bail application through her lawyer Vijay Agarwal.

The court asked the ED to file its reply on her bail application.
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 Chanda Kochhar 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.

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.

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