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May 18, 2021
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Chanda Kochhar gets bail, court forbids her from leaving country without permission

chanda kochhar

Former ICICI Bank CEO Chanda Kochhar, accused in a money laundering case, has been granted bail by a Mumbai court on Friday on a bond of ₹ 5 lakh.  

Ms. Kochhar, along with her husband Deepak Kochhar, got arrested in September last year in connection with the same case. The court also directed her not to leave the country without its permission.

The money laundering case against Ms. Kochhar, her husband along with Venugopal Dhoot of the Videocon Group was initiated by the Enforcement Directorate, or ED in 2019. ED had filed a criminal case against the trio after a report of irregularities and corrupt practices in the sanctioning of ₹ 1,875 crore in loans by ICICI Bank. They were booked under the Prevention of Money Laundering Act (PMLA).

Apart from this, Ms. Kochhar is under the ED lens for a couple of more fraudulent tractions. ICICI, under her tenure had disbursed loans to Gujarat-based pharmaceutical firm Sterling Biotech and to Bhushan Steel Group, which were also done illegally.

The ED is also probing these two alleged companies for money laundering.

The ED launched its probe after the CBI registered a case against them. The Central Bureau of Investigation is conducting another independent investigation in parallel. The CBI is also investigating all three accused individuals and the three companies.

The CBI has accused Mr. Dhoot of acquiring loans by fraudulent means from ICICI under Ms. Kochhar who became the CEO of the bank in May 2009. Dhoot invested in NuPower through another company- Supreme Energy – in a quid pro quo deal via loans cleared by ICICI and Kochhar. 

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