Categories: News

Former ICICI Bank CEO Chanda Kochhar Granted Bail, Can’t Leave Country

Former ICICI Bank CEO Chanda Kochhar has been granted bail – on a bond of ₹ 5 lakh – by a Mumbai court in connection with an alleged money laundering case involving the bank and the Videocon Group.

Ms Kochhar, whose husband Deepak Kochhar was arrested in September last year in connection with the same case and is still in jail, also cannot leave country without the court’s permission.

In February 2019 the Enforcement Directorate filed a criminal case with money laundering charges against Ms Kochhar, Mr Kochhar and the Videocon Group’s Venugopal Dhoot, to probe alleged irregularities and corrupt practices in the sanctioning of ₹ 1,875 crore in loans by ICICI Bank.

The ED is simultaneously also probing at least two other loans given by ICICI Bank during Ms Kochhar’s tenure – to Gujarat-based pharma firm Sterling Biotech and the Bhushan Steel Group.

The central agency’s case is based on a complaint registered by the CBI, which is running an independent investigation into the above three individuals and three more companies, including two under the Videocon name and owned by Mr Dhoot’s companies.

The CBI has alleged Mr Dhoot invested in NuPower through another company – Supreme Energy – in a quid pro quo deal via loans cleared by ICICI after Ms Kochhar took over as CEO in May 2009.

Ms Kochhar was sacked in 2019, months after she stepped down from the posts. Both she and her husband deny all charges against them.

In December last year the Supreme Court rejected an appeal against her sacking. “… not inclined to interfere in impugned order. This falls within the realm of private contract…” the court said.

In January the ED temporarily attached ₹ 78 crore worth of properties belonging to Ms Kochhar. The provisionally attached properties included her Mumbai apartment and those belonging to a company owned by Mr Kochhar.

1CommentsIn its preliminary investigations, the CBI found six loans worth ₹ 1,875 crore were sanctioned between June 2009 and October 2011, in alleged violation of established policies, and declared as non-performing assets in 2012; this caused a loss of ₹ 1,730 crore to the bank, the CBI alleged.

Source : ANI

🔥43
Leave a Comment

Recent Posts

Rudraksh Group Offers Guidance For The 2022 Agri-Food Pilot Program For Canada

Rudraksh Group is a pioneer in the field of overseas consultancy located in Mohali, Punjab. It has been in the… Read More

1 month ago

Creative entrepreneur Radha Kapoor Khanna sheds light on the role of art connoisseurs

The world of art is an intriguing one. The themes, the colors, and the canvas all come together to form… Read More

2 months ago

Sanjay Jain Jyoti Trading: Growth drivers of the fertilizer sector

Fertilizers are critical to India's green revolution achievement and subsequent self-sufficiency in food grain production. The increasing use of fertilizer… Read More

2 months ago

9 Things to Keep in Mind While Choosing a Virtual Event Platform

The Internet is full of virtual event platforms that make it difficult for organizers to pick the best virtual expo… Read More

2 months ago

Khan Chacha CEO Sidhant Kalra lists benefits of tech-based restaurant management systems

In a world of rapid technological advancements, several innovations are transforming various sectors in an unprecedented manner. Restaurants are no… Read More

5 months ago

Restaurateur Sanjeev Nanda discusses the benefits of restaurant pre-shift meetings

Running a restaurant is challenging, but with ample communication and mutual understanding, things can get easier. While the conventional modes… Read More

5 months ago