Former ICICI Bank CEO, Chanda Kochhar granted bail by Special PMLA Court in money laundering case

The Mumbai Sessions Court dealing with the Prevention of Money Laundering Act cases has granted bail to former ICICI Bank Managing Director and CEO Chanda Kochhar in connection with the money laundering case involving ICICI Bank and Videocon Group companies.Advocate Vijay Agarwal appearing for Kochhar argued that she was co-operating with the Enforcement Directorate which is investigating the case. He added that she was entitled to bail as per the proviso under Section 45 of the PMLA Act which specifies that women are entitled to get bail even in non-bailable offence. .He also informed the Court that the Solicitor General made a statement before the Supreme Court that ED will not take any coercive steps against Kochhar which still continues..The Court accepted the submissions and enlarged her bail while directing that she should deposit her passport with the ED and not leave the country without permission from the Special Court.."As per above directions of Hon. Apex Court applicant (Kochhar) was protected. Therefore, question of again send the applicant/ accused in jail, who is a lady and was conferred India's third civilian honours i.e. Padma Bhushan, being a permanent resident of Mumbai residing with her family members and deep root in the society, will not arise." the order reads..Kochhar, former Managing Director and CEO of ICICI Bank, is accused of misusing her official position to grant loan to Videocon group companies for which she allegedly got illegal gratification through her husband accused Deepak Kochhar..It is ED's case that Deepak Kochhar was a close acquaintance of VN Dhoot, the Chairman and Managing Director of M/s Videocon Industries Ltd.But Chanda Kochhar had neither disclosed this fact nor recused herself from sanctioning committee of ICICI bank while sanctioning loan to Videocon..About Rs. 64 crores out of the total amount was thereafter transferred to Deepak Kochhar’s company NuPower Renewables Pvt. Ltd. (NRPL) as illegal gratification for sanctioning of loan.The money was transferred to NRPL through a web of companies, the ED has claimed..ED registered an Enforcement Case Information Report (ECIR) against 11 accused including Kochhar for money laundering offences under Sections 3 along with Section 70 of the PMLA..The Court had directed Kochhar and her husband Deepak Kochhar to appear before the Court on Friday along with 9 other accused..While Deepak Kochhar who is presently in ED's custody was produced in Court, VN Dhoot, the Chairman and Managing Director of M/s Videocon Industries Ltd. a co-accused, however, failed to appear before the Court. .The Special Public Prosecutor sought more time to attempt re-service of summons on Dhoot.