Deepak Kochhar, husband of Chanda Kochhar, gets bail in Videocon loan case

Deepak Kochhar, husband of former managing director and CEO of ICICI Bank Chanda Kochhar, was on Thursday granted bail by the Bombay High Court in ICICI bank-Videocon loan case, news agency ANI reported.

He was asked to furnish personal bond of ₹3 lakh and sureties. The court also asked Deepak Kochhar to surrender passport with authorities and co-operate with the probe in the loan case.

A special court had rejected his bail plea in November, 2020. He was arrested in September last year.

Both Chanda and Deepak Kochhar are being investigated by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) for alleged corruption and money laundering. Both of them have been questioned by the ED multiple times.

The probe revolves around alleged irregularities in the granting of loans to the Videocon Group.

It started after a whistle-blower complaint alleged that Venugopal Dhoot of Videocon invested in a company along with Deepak Kochhar and then transferred his holdings to the latter. The complaint linked this to loans issued by the bank to Videocon.

ICICI bank’s board initially backed Chanda Kochhar. However, she stepped down on October 4, 2018. The bank’s board sacked her in January 2019, treating her exit as termination.

Kochhar defended herself before ED in March 2019 saying the loans were given on merit and have no link with her husband’s business.

The ED is probing 24 loans aggregating ₹7,862 crore during Chanda Kochhar’s tenure as the CEO and Managing Director of ICICI Bank. Out of this, ₹1,875 crore loan disbursed by ICICI Bank to Venugopal Dhoot-led Videocon Group in 2009 and 2011.

A special PMLA (Prevention Of Money Laundering Act) court granted her bail in February in the loan case. She was asked to furnish a bond of ₹5 lakh and not leave the country without the permission of the court.