ICICI-Videocon PMLA case: Bombay High Court grants bail to Deepak Kochhar
The ED had arrested Deepak, the husband of former ICICI Financial institution CEO Chanda Kochhar, on cash laundering fees in September final yr
Mumbai: The Bombay High Court on Thursday granted bail to Deepak Kochhar, husband of former ICICI Financial institution CEO Chanda Kochhar, in a cash laundering case registered by the Enforcement Directorate (ED).
Kocchar had approached the excessive courtroom after a particular courtroom within the metropolis rejected his bail in December final yr.
Justice PD Naik of the excessive courtroom granted bail to him on deserves on Thursday.
Kocchar was arrested by the ED in September final yr underneath the Prevention of Cash Laundering Act (PMLA) Act within the alleged ICICI Financial institution-Videocon cash laundering case.
The ED registered the cash laundering case following an FIR registered by the Central Bureau of Investigation (CBI) in opposition to the Kochhar couple, Videocon Group promoter Venugopal Dhoot, and others for allegedly inflicting loss to the ICICI Financial institution by sanctioning loans to the Videocon Group of corporations in contravention to the insurance policies of the ICICI Financial institution.
Kochhar had argued that the ED had taken word of all of the alleged proceeds of crime within the case, so there was no probability of him creating any third social gathering rights, or interfering with the probe if out on bail.
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