Court refuses bail to Deepak Kochhar in money laundering case


A Mumbai-based court dismissed a bail plea on Tuesday of businessman Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar and an accused in a money laundering case.

File photo of Deepak Kochhar (Photo Credits: PTI)

A Mumbai-based court dismissed a bail plea on Tuesday of businessman Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar and an accused in a money laundering case.

Special PMLA judge PP Rajvaidya dismissed the “regular” bail application of Deepak Kochhar which was filed on merits of the case as against technical grounds, as reported by news agency PTI.

In September, Deepak Kochhar was arrested by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act (PMLA) in the alleged ICICI Bank-Videocon money laundering case.

Last month, the court had rejected his “default” bail plea, filed on the ground that the probe agency had failed to file a charge sheet in the case within the stipulated period.

The ED had registered the money laundering case following an FIR registered by the Central Bureau of Investigation (CBI) against the Kochhar couple, Videocon Group promoter Venugopal Dhoot and others.

From a Rs 300 crore loan sanctioned by a committee headed by Chanda Kochhar to Videocon International Electronics Ltd, Videocon Industries Ltd transferred Rs 64 crore to Nupower Renewables Pvt Ltd (NRPL) on September 8, 2009, only a day after the disbursement of the loan by ICICI Bank, the probe agency had alleged.

NRPL, earlier known as Nupower Renewables Ltd (NRL), is owned by Deepak Kochhar, the agency said.



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