Chanda Kochar, a former CEO of ICICI Bank, was granted bail-on a 5 lakh bond-by a court in Mumbai in connection with the suspected money laundering case involving the bank and the Videocon Company.
In September, ED arrested her husband, Deepak Kochhar, after filing a criminal complaint about money laundering on the grounds of an FIR filed by the CBI against Kochhar's, Dhoot and others.
ICICI Bank-Videocon Case
The case revolves around a loan to the Videocon group issued by ICICI Bank as part of a consortium led by the State Bank of India (SBI) in 2012 and the change of ownership of a company called NuPower Renewables Pvt Ltd, which was incorporated as an equal joint venture between Deepak Kochhar, the husband of Chanda Kochhar, and Venugopal Dhoot, Videocon.
According to Dhoot, Chanda Kochhar asked him to support her husband (Deepak Kochhar) with his wind power project and to invest in NRPL as well. Following this, Dhoot transferred Rs 64 crore to NRPL the day after the Rs 300 crore loan was approved by the Videocon Company.
ED has alleged that Rs 64 Crore was transferred to Nupower Renewables Pvt Ltd, NRPL, on September 8, 2009, by Videocon Industries, out of a sum of Rs 300 Crore authorized by a committee of ICICI Bank headed by Chanda Kochhar, to Videocon Internationale Electronics Limited.
In addition, the list in the ED case mentioned Supreme Resources, a company founded by Dhoot, and Nupower Renewables, a company operated by Deepak Kochhar, in the FIR.
Chanda Kochhar, her husband Deepak Kochhar, Videocon Group promoter Venugopal Dhoot and other defendants were summoned by the Special Court for the Prevention of Money Laundering Act (PMLA) on January 30 after taking cognizance of the Enforcement Director in the case.
Consequently, Chanda Kochhar appeared before Judge A A Nandgoankar of the special court. Her advocate, Vijay Agarwal, submitted her bail plea after her appearance.