The Prevention of Money Laundering Act (PMLA) Special Court, Mumbai has granted bail to the former ICICI Bank Managing Director and CEO Chanda Kochhar in connection with the money laundering case involving ICICI Bank and Videocon Group companies.
The Special Court has directed Chanda Kochhar to submit a bail bond of Rs. 5 lakhs and not to leave the country without permission of the Court.
The Special Court for Prevention of Money Laundering Act (PMLA) had on 30 January 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's (ED) charge sheet.
Chandra 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 involved in illegal gratification through her husband accused Deepak Kochhar.
Advocate Vijay Agarwal appeared for Chandra Kochhar submitted before the court that she was cooperating with the Enforcement Directorate which is investigating the case. He further argued that she can be granted bail under section 45 of the PMLA which has provision that women are entitled to get bail even in non-bailable offence.
The PMLA Court accepted the submissions of Advocate Vijay Agarwal and enlarged Kochhar bail while directing that she should not leave the country without permission from the Special Court.
ED registered an Enforcement Case Information Report (ECIR) against 11 accused including Chandra Kochhar for money laundering offences under sections 3 along with section 70 of the PMLA.