The Bombay High Court has granted bail to businessman Deepak Kochhar, husband of ex-ICICI Bank CEO Chanda Kochhar, in the ICICI Bank-Videocon loan case. He was arrested in September last year by the ED.
The court asked Deepak to furnish personal bond of Rs 3 lakh and sureties. The court also asked him to surrender passport with authorities and co-operate with the probe in the loan case.
Earlier in November last year, a special court had rejected his bail application. He then approached the High Court seeking bail. The bail was granted by Justice PD Naik.
Kocchar was arrested by the ED in September last year under the Prevention of Money Laundering Act (PMLA) Act in the alleged ICICI Bank-Videocon money laundering case.
The ED registered the money laundering case following an FIR registered by the Central Bureau of Investigation (CBI) against the Kochhar couple, Videocon Group promoter Venugopal Dhoot, and others for allegedly causing loss to the ICICI Bank by sanctioning loans to the Videocon Group of companies in contravention to the policies of the ICICI Bank.
Kochhar had argued that the ED had taken note of all the alleged proceeds of crime in the case, so there was no chance of him creating any third party rights, or interfering with the probe if out on bail.