Bombay High Court grants bail to Deepak Kochhar in ICICI Bank - Videocon money laundering case

The Bombay High Court on Thursday granted bail to Deepak Kochhar, husband of former Chief Executive Officer of ICICI Bank Chanda Kochhar in the alleged ICICI Bank-Videocon money laundering case.

. Justice PD Naik allowed Kochhar's plea subject to furnishing a personal bond of Rs. 3 lakh with one or more sureties in the like amount. He was permitted to furnish provisional cash bail of the said sum for a period of two weeks.

. Kochhar was directed to report to the ED's office once in a month on first Saturday of the month till further order. The court also ordered him to surrender his passport and co-operate with the probe.

. Kochhar was charged with offences under the Prevention of Corruption Act by the Central Bureau of Investigation (CBI) for providing illegal gratification to Chanda Kochhar, former Managing Director and Chief Executive Officer of the ICICI Bank through VN Dhoot, the Director of Videocon Company.

. CBI had registered an FIR against the accused for causing loss to ICICI Bank by sanctioning loans to Videocon in contravention to the policies of the bank. On the basis of said FIR, ED registered a complaint in January 2019.

. Kochhar was MD of NuPower Renewables Ltd. and during the investigation, a provisional attachment order was issued by ED attaching various properties of said company alleging the company received about Rs. 64 crores as proceeds of crime.

. Kochhar claimed to have extended co-operation to the ED. He appeared before the agency in response to the summons issued to him on several dates spreading over a period of 18 months.

. Kochhar was arrested by ED in September 2020, and was remanded to ED's custody, which was extended since then from time to time.

. Kochhar approached the High Court through Advocate Dadhichi Mhaispurkar after his bail application was rejected by the Special Court dealing with the Prevention of Money Laundering Act (PMLA) on merits in November 2020.

. Senior Advocate Amit Desai appearing for Kochhar submitted to the court that voluminous documents were tendered by Kochhar to substantiate his stand before the ED.

The entire case was based on documentary evidence which is already with the ED and hence the question of tampering with evidence does not arise.

Despite co-operation, he was arrested, however further detention is not necessary.

. He further submitted that there is an order of the PMLA Adjudicating Authority which exonerated Kochhar.

Although the same was under challenge in appeal, there is no impediment in granting bail.

. He stated that the complaint was filed against eleven accused. Primary borrower has not been arrested and investigation proceeded without his custody.

. Additional Solicitor General SV Raju opposed the bail application claiming the Kochhar was involved in a serious economic offence which had voluminous evidence against him.

He created a structure with Dhoot to layer the transfer of proceeds of crime and committed the offence of money laundering.

. The Special Court had considered all aspects and by reasoned order rejected the application for bail.

. Upon perusing the order, Justice Naik noted that the entire loan was repaid to ICICI Bank before registration of the FIR by CBI and initiation of the proceedings under the PMLA Act; and and no loss of cause to the bank.

. Holding that the trial is not likely to commence and conclude immediately, the debatable issues are to be adjudicated during trial and further detention of the applicant is not necessary, case for grant of bail was made out.

. [Read judgment here]

Bombay High Court grants bail to Deepak Kochhar in ICICI Bank - Videocon money laundering case

Neha Joshi

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