Chanda Kochhar, the former CEO and MD of ICICI Bank has got bail from a special PMLA (Prevention of Money Laundering Act) court. Today, on the morning of February 12, the former MD and CEO of the bank appeared in Mumbai Sessions Court for a hearing. After the hearing, the special PMLA court granted bail to Chanda Kochhar. The court granted bail to Kochhar on a bond of Rs 5 lakh. Apart from this, he has been asked not to leave the country without the approval of the court. Chanda Kochhar got bail from special PMLA court during the hearing in ICICI Bank-Videocon Money Laundering case.
Former MD & CEO of ICICI Bank Chanda Kochhar arrives at Mumbai Sessions Court after she was summoned in ICICI Bank-Videocon loan case pic.twitter.com/WLppECkBtI
– ANI (@ANI) February 12, 2021
The lawyer filed bail plea during production
On January 30 last month, the special court had summoned Chanda Kochhar, her husband Deepak Kochhar, Videocon Group promoter Venugopal Dhoot and other accused. Chanda Kochhar was presented before the Kochhar Special Court Judge AA Nandgaonkar today. During his appearance, Kochhar’s lawyer Vijay Aggarwal filed a petition for his bail. On this petition, the court granted bail to Kochhar on a bond of Rs 5 lakh.
ED arrested Deepak Kochhar, husband of Chanda Kochhar in September 2020 last year. He was arrested in a case registered by the CBI under an FIR registered above Deepak Kochhar. The CBI had registered an FIR against Chanda Kochhar, her husband Deepak Kochhar, Dhoot and others in the money laundering case.
This is the whole case
The ED alleges that out of the 300 crore loan issued to Videocon International Electronics Limited by a committee of ICIC Bank headed by Chanda Kochhar, Rs 64 crore loan was transferred to Nupower Renewables Pvt Ltd (NRPL). The amount was transferred to NRPL on 8 September 2009, a day after the loan was given to Videocon Industries. NRPL is a company of Deepak Kochhar. Taking cognizance of the ED’s charge sheet, the judge of the special PMLA court found Chanda Kochhar guilty of misusing her position.