Chairman and MD of Videocon Industries Venugopal Dhoot granted bail by Special PMLA Court in money laundering case

The Mumbai Sessions Court dealing with the Prevention of Money Laundering Act (PMLA) cases has granted bail to Chairman and Managing Director of M/s. Videocon Industries, Venugopal Dhoot in connection with the money laundering case involving ICICI Bank and Videocon Group companies..The Court directed Dhoot to submit a bail bond of Rs. 5 lakh and not to leave the country without permission of the Court.Dhoot had sought bail citing his deteriorating his health condition. .Advocate Sandeep Ladda, appearing for Dhoot, submitted that Dhoot was co-operating with the investigation and was available for interrogation and investigation throughout as and when summoned by the investigating agency. Ladda submitted that being sick and infirm, Dhoot was entitled to compassionate bail under the provision of Section 45 of the PMLA Act..Dhoot had earlier been directed to remain present in the Special Court on February 12 along with the former Managing Director and CEO of ICICI Bank, Chanda Kochhar in the case..However, due to non-service of summons to Dhoot, he had failed to appear on February 12. Later, he made suo-motu appearance before the Court without service of summons and prosecution documents..Ladda contended that Dhoot had shifted to his Aurangabad residence due to critical health condition, and for treatment and due to the ongoing COVID-19 pandemic. Hence, he couldn’t have received summons and copy of prosecution documents..Ladda further submitted that neither Dhoot nor his family had benefited through the crimes alleged against them. All of their assets and properties had been given as security to the banks and there is not a single asset directly or indirectly held by Dhoot, either in India or any other part of the world..Ladda also stated that Dhoot had put self-restraint upon himself that pending the investigation, he shall not leave the territory of India without any prohibitive order.“The applicant has till date never even considered fleeing the country inspite of mounting debt of several thousand crores and health with all proceedings against the Videocon group and him personally in a head-on manner,” the plea said..Dhoot’s bail application stated that he had not caused any losses to his lenders pursuant to any criminal or fraudulent activities attributable to it.He claimed to have been a victim and suffered losses due to the cancellation of the 21 telecom licenses. .He allegedly had to sell his other business at profit to repay the losses and that amount was credited to the lenders directly..Dhoot, therefore, sought parity with main accused Chanda Kochhar on the ground that she was also granted bail upon appearing before the court after issuance of process and agreeing to co-operate with the investigation..Upon hearing the submissions of Ladda and Special Public Prosecutor Sunil Gonsalves for the Enforcement Directorate (ED) the Court allowed the bail application with imposition of certain conditions..Dhoot was directed to report ED as and when required for further investigation and inform his latest place of residence and contact details and continue updating if and when they change. Dhoot was also directed to surrender his passport to the Enforcement Directorate immediately.