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 12 months in reference to the identical case, additionally can’t go away nation with out the court docket’s permission.
In February 2019 the Enforcement Directorate filed a felony case with cash laundering expenses 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 unbiased investigation into the above three people and three extra corporations, together with two below the Videocon title and owned by Mr Dhoot’s corporations.
The CBI has alleged Mr Dhoot invested in NuPower by way of one other firm – Supreme Vitality – 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.
In December final 12 months the Supreme Court docket rejected an attraction towards her sacking. “… not inclined to intervene in impugned order. This falls throughout the realm of personal contract…” the court docket mentioned.
In its preliminary investigations, the CBI discovered six loans price 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 brought about a lack of Rs 1,730 crore to the financial institution, the CBI alleged.