ICICI-Videocon Money Laundering Case: Bombay High Court Grants Bail to Deepak Kochhar

ICICI-Videocon Money Laundering Case: Bombay High Court Grants Bail to Deepak Kochhar

The Bombay High Court (HC) on 25 March 2021 granted bail to Deepak Kochhar, husband of Chanda Kochhar (former CEO of ICICI Bank) in the alleged ICICI Bank-Videocon money laundering case. Kochhar approached the HC after the Special PMLA Court rejected his bail application in November 2020.

Justice PD Naik allowed the plea filed by Kochhar subject to furnishing a personal bond of Rs. 3 lakh and sureties. The HC passed an order asking him to surrender his passport and co-operate with the probe.

Kochhar had filed a plea before the HC after his bail was rejected by a Special Court dealing with the Prevention of Money Laundering Act (PMLA) in November 2020. He was sent on remand to Enforcement Directorate's (ED) custody in a money laundering case. It was extended from time to time and hence Kochhar approached for bail.

He was also charged with offences under the Prevention of Corruption Act by the Central Bureau of Investigation (CBI). The ED registered a complaint against the Kochhar couple and Videocon Group promoter Venugopal Dhoot, following an FIR by the Central Bureau of Investigation (CBI).

It was alleged in the complaint that he caused loss to the ICICI Bank by sanctioning loans to the Videocon Group of Companies in contravention of the policies of the ICICI Bank.

Kochhar mentioned in his plea that he was acquitted by the PMLA Adjudicating authority and hence his custody is not required anymore. He urged in his plea that the ED had taken note of all the alleged proceeds of crime in the case, Hence, there was no scope for him to interfere with the probe if granted bail.

He added that the case is based on documentary evidence that is already in ED's custody and there is no chance for him to tamper the same and hence his custody is not required.

Kochhar contended that the complaint was filed against eleven accused, but the agency arrested him only.

The detailed order of the HC is still awaited in the instant matter.