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Chanda Kochhar granted bail in Videocon case

Our Bureau Mumbai | Updated on February 12, 2021

Former ICICI Bank CEO Chanda Kochhar (file photo)   -  PTI

Not to leave country without court permission

Former Managing Director and CEO of ICICI Bank, Chanda Kochhar has been granted bail by the special PMLA court in the Videocon loan case.

The bail was granted on a bond of ₹5 lakh and Kochhar has been asked not to leave the country without permission of the court.

She appeared before the court on Friday.

Money trap: At insolvency’s doors, Dhoots forced to exit

On January 30, the special court for Prevention of Money Laundering Act (PMLA) had 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) charge sheet.

Will not take coercive action against Chanda Kochhar: ED

ED’s charge

Deepak Kochhar was arrested by the ED in September last year after it had filed a criminal case for money laundering based on an FIR registered by the Central Bureau of Investigation against the Kochhars, Dhoot and others.

The ED has alleged that out of a loan of ₹300 crore sanctioned by a committee of ICICI Bank, which was at the time headed by Chanda Kochhar, to Videocon International Electronics Ltd, an amount of ₹64 crore was transferred to Deepak Kochhar’s Nupower Renewables Pvt Ltd (NRPL). This was done by Videocon Industries on September 8, 2009, a day after the disbursement of loan.

Previously in January 2019, the CBI had registered an FIR regarding the alleged irregularities in the ₹3,250-crore loan by ICICI Bank to Videocon.

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Published on February 12, 2021
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