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MUMBAI: A particular court docket right here on Thursday rejected the default bail plea of businessman Deepak Kochhar, husband of former ICICI Financial institution CEO Chanda Kochhar and an accused in cash laundering case.
Deepak Kochhar was arrested by the Enforcement Directorate (ED) in September beneath the Prevention of Cash Laundering Act (PMLA) within the ICICI Financial institution-Videocon cash laundering case.
The businessman, by his lawyer, utilized for bail on deserves in addition to on account of default, claiming the prosecution has did not file a charge-sheet within the case inside stipulated interval.
The particular PMLA decide rejected his default bail plea, whereas the one filed on deserves is posted for listening to on November 23, ED’s lawyer Hiten Venegaokar stated.
Responding to Kochhar’s declare that the probe company had did not file the charge-sheet on time, the prosecution had submitted that the identical was filed on November 3, however it’s pending scrutiny by the involved division, as there are 5 trunks filled with paperwork that wanted to be verified.
Thus, the court docket is but to take the cognisance of the prosecution’s grievance.
The ED had arrested Deepak Kochhar in September after it filed a felony case of cash laundering after learning an FIR registered by the CBI in opposition to the Kochhars, Videocon Group promoter Venugopal Dhoot and others.
The central probe company slapped cash laundering fees in opposition to the Kochhars and their enterprise entities for “unlawful sanctioning of loans amounting to Rs 1,875 crore to the Videocon Group of corporations”.
The ED had earlier stated an quantity of Rs 64 crore, out of the Rs 300 crore mortgage sanctioned by a committee headed by Chanda Kochhar to Videocon Worldwide Electronics Ltd, was transferred to Nupower Renewables Pvt Ltd (NRPL) by Videocon Industries Ltd on September 8, 2009, only a day after disbursement of the mortgage by ICICI Financial institution.
NRPL was earlier generally known as Nupower Renewables Ltd (NRL) and is an organization of Deepak Kochhar.
The company had alleged that the “internet income of Rs 10.65 crore was generated by NRL from these tainted funds”.
“Due to this fact, proceeds of crime amounting to Rs 74.65 crore had been transferred to or to say generated in NRPL,” the ED had claimed.

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