Deepak Kochhar, husband of Chanda Kochhar, granted bail in ICICI bank-Videocon loan case

Businessman Deepak Kochhar, who is also the husband of former MD & CEO of ICICI Bank Chanda Kochhar, on Thursday was granted bail from Bombay High Court in ICICI bank-Videocon loan case, reports news agency ANI. Deepak was arrested last year in September by the Enforcement Directorate. 

He was arrested after a criminal case under the Prevention of Money Laundering Act (PMLA) was filed against him, Chanda Kochhar, and Venugopal Dhoot of Videocon Group in 2019 by the ED. 

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

Also Read | Former ICICI Bank CEO Chanda Kochhar gets bail in Videocon money laundering case

It is alleged that this was a quid-pro-quo for sanctioning the loan as NRPL was owned by Deepak Kochhar.

The case was filed to investigate the alleged irregularities and corrupt practices by the ICICI bank in sanctioning loans. A week after his arrest, Deepak had tested positive for coronavirus. 

Chanda Kochhar, arrested last year in September, was granted bail by a Mumbai court in the corruption case last month. She was sacked from the bank in 2019 after she stepped down from her posts. However, both her husband and she have denied the charges against them.