Former ICICI Bank CEO Chanda Kochhar gets bail; Can’t leave India without court permission

The special PMLA court on Friday granted bail to former ICICI Bank MD and CEO Chanda Kochhar on a bond of Rs 5 lakh, asking her not to leave the country without the court’s permission.

On January 30, the special court of the Prevention of Money Laundering Act (PMLA) summoned Chanda Kochhar, her husband Deepak Kochhar, Videocon Group promoter Venugopal Dhoot and other accused in the case after taking cognizance of the Enforcement Directorate (ED) charge sheet.

Chanda Kochhar filed a bail application before Special Judge A A Nandgaonkaranand through his lawyer Vijay Agarwal.

Deepak Kochhar was arrested by the ED in September 2020 after a criminal case was filed against Kochhar, Dhoot and others based on an FIR filed by the CBI.

The ED has alleged that out of the loan amount of Rs 300 crore sanctioned by a committee of ICICI Bank headed by Chanda Kochhar’s Videocon International Electronics Ltd., Rs 64 crore was transferred by Videocon Industries to Newpower Renewables Pvt Ltd (NRPL) on September Were given 8, 2009, the day after the disbursement of the loan.