ICICI-Videocon PMLA case: Bombay High Court grants bail to Deepak Kochhar – Business News , Firstpost

The ED had arrested Deepak, the husband of former ICICI Bank CEO Chanda Kochhar, on cash laundering costs in September final 12 months

File Image of Deepak Kochhar. PTI

Mumbai: The Bombay High Court on Thursday granted bail to Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar, in a cash laundering case registered by the Enforcement Directorate (ED).

Kocchar had approached the excessive court docket after a particular court docket within the metropolis rejected his bail in December final 12 months.

Justice PD Naik of the excessive court docket granted bail to him on deserves on Thursday.

Kocchar was arrested by the ED in September final 12 months below the Prevention of Money Laundering Act (PMLA) Act within the alleged ICICI Bank-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 Bank by sanctioning loans to the Videocon Group of corporations in contravention to the insurance policies of the ICICI Bank.

Kochhar had argued that the ED had taken notice 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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