Former ICICI Financial institution CEO Chanda Kochhar has been granted bail – on a bond of Rs 5 lakh – by a Mumbai court docket in reference to an alleged cash laundering case involving the financial institution and the Videocon Group.
Ms Kochhar, whose husband Deepak Kochhar was arrested in September final yr in reference to the identical case and remains to be in jail, additionally can not depart nation with out the court docket’s permission.
In February 2019 the Enforcement Directorate filed a legal case with cash laundering costs towards Ms Kochhar, Mr Kochhar and the Videocon Group’s Venugopal Dhoot, to probe alleged irregularities and corrupt practices within the sanctioning of Rs 1,875 crore in loans by ICICI Financial institution.
The ED is concurrently additionally probing not less than two different loans given by ICICI Financial institution throughout Ms Kochhar’s tenure – to Gujarat-based pharma agency Sterling Biotech and the Bhushan Metal Group.
The central company’s case relies on a grievance registered by the CBI, which is working an impartial investigation into the above three people and three extra firms, together with two below the Videocon identify and owned by Mr Dhoot’s firms.
The CBI has alleged Mr Dhoot invested in NuPower by one other firm – Supreme Power – in a quid professional quo deal through loans cleared by ICICI after Ms Kochhar took over as CEO in Could 2009.
Ms Kochhar was sacked in 2019, months after she stepped down from the posts. Each she and her husband deny all costs towards them.
In December final yr the Supreme Courtroom rejected an appeal against her sacking. “… not inclined to intervene in impugned order. This falls throughout the realm of personal contract…” the court docket stated.
In January the ED temporarily attached Rs 78 crore worth of properties belonging to Ms Kochhar. The provisionally connected properties included her Mumbai condo and people belonging to an organization owned by Mr Kochhar.
In its preliminary investigations, the CBI discovered six loans value Rs 1,875 crore had been sanctioned between June 2009 and October 2011, in alleged violation of established insurance policies, and declared as non-performing property in 2012; this precipitated a lack of Rs 1,730 crore to the financial institution, the CBI alleged.