Chanda Kochhar gets bail in laundering case

Blurb: ICICI ex-CEO told to surrender passport

Mumbai, February 12

Former ICICI Bank CEO and MD Chanda Kochhar was granted bail on Friday after she appeared before a court here in the alleged ICICI Bank-Videocon money laundering case. It was the former banker’s first appearance in the court.

On January 30, the special court for Prevention of Money Laundering Act (PMLA) had summoned Kochhar, her husband Deepak, Videocon Group promoter Venugopal Dhoot and other accused after taking cognisance of the chargesheet.

Kochhar’s lawyers argued that she had been cooperating with the Enforcement Directorate’s probe and had visited the ED office in Delhi whenever summoned. The central agency has never arrested her in the case, they pointed out.

The judge granted her bail on a bond of Rs 5 lakh and directed that she should report to the ED office whenever required and not leave India without the court’s permission. The court also asked her to surrender her passport to the ED immediately.

Deepak Kochhar, who is currently in judicial custody, was also produced before the court. Dhoot’s lawyers said he did not remain present as he had not received the summons. PTI