A court in Mumbai on Friday granted bail to former ICICI Bank Chief Executive Officer Chanda Kochhar in a money laundering case involving the bank and the Videocon Group, Bar and Bench reported. She filed her bail application earlier in the day.
Kochhar will have to furnish a bond of Rs 5 lakh. She cannot leave the country without obtaining permission from the court, according to NDTV.
The special Prevention of Money Laundering Act court had on January 30 directed Chanda Kochhar, her husband Deepak Kochhar and Videocon Group’s Managing Director Venugopal Dhoot to appear before it. Dhoot did not report to the court.
The Enforcement Directorate had filed a criminal case against them in 2019. The investigation agency has also been probing at least two other instances of loans by ICICI Bank during Kochhar’s term. One of them was given to Gujarat-based pharmaceutical firm Sterling Biotech and another to Bhushan Steel Group.
Kochhar was sacked in January 2019, about six months after she resigned from her position. Questions were raised about a Rs 3,250-crore loan that the bank had given the Videocon group in 2012. Six months after the loan was sanctioned, Dhoot allegedly provided crores of rupees to NuPower, a firm controlled by Deepak Kochhar. Deepak Kochhar was arrested in the matter in September 2020.
In March 2020, Bombay High Court had dismissed Kochhar’s plea challenging her sacking. She later approached the Supreme Court, but failed to get any relief.
Limited-time offer: Big stories, small price. Keep independent media alive. Become a Scroll member today!
Our journalism is for everyone. But you can get special privileges by buying an annual Scroll Membership. Sign up today!