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Chanda Kochhar gets bail in money laundering case, told to not leave country
On Friday, Kochhar appeared at a Mumbai before a special PMLA court in response to the summons issued to her on January 30.
Former ICICI managing director Chanda Kochhar has been granted bail on a surety of ₹5 lakh in connection with the money laundering case in which she is an accused. She has also been told to not leave the country without the court's permission.
On Friday, Kochhar appeared at a Mumbai before a special PMLA court in response to the summons issued to her on January 30. After she filed a bail application on Friday, the court asked the enforcement directorate to respond to the bail plea.
The money laundering charges against Chanda Kochhar and her husband Deepak Kochhar goes back to 2017 when the CBI had initiated an inquiry against the couple after a whistleblower alleged that ICICI Bank had sanctioned credit facility of about ₹3,250 crores to various entities in contravention to the rules and policies.
ED had, on November 3, 2020, filed a complaint against the Kochhars.
In its first information report (FIR) registered in January 2020, CBI alleged that six high-value loans worth RS 1,875 crore were given by ICICI Bank to Videocon group companies between 2009 and 2011. It was alleged that in 2009, credit facility to Videocon was extended in contravention of rules and policy by the sanctioning committee. At that time Kochhar was one of the members of the committee.
Further, a loan of ₹300 crore was disbursed to M/s Videocon International Electronics Limited, a Videocon Group Company on September 7, 2009. It is alleged that an amount of ₹64 crore —out of the loan amount was transferred to M/s NuPower Renewables Pvt Ltd by Videocon Industries Limited (VIL) on September 8, 2009.
ED, which investigated the allegations, claimed that VIL transferred the money to NuPower Renewable Pvt Ltd (NRL) through Supreme Energy Private Limited (SEPL), which was later acquired by Pinnacle Energy, a family trust of Deepak Kochhar. The agency claimed that NRL was owned controlled and managed by him.
“The loan funds travelled from VIL to NRL through SEPL, but two intermediary companies were brought in, for purpose of layering. The proceeds of the crime of ₹64 crore, received by NRL, were utilised for purchase of properties,” ED has claimed.
