ICICI-Videocon Scam: SC dismisses ED's plea against bail to Deepak Kochhar

The Supreme Court has dismissed the plea of the Enforcement Directorate seeking cancellation of bail granted to Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar, in a money laundering case.

A Bench of Chief Justice NV Ramana, Justices Surya Kant and Hima Kohli refused to interfere with the Bombay High Court order which had granted bail to Kochhar.

"Having heard Solicitor General appearing on behalf of the petitioner (ED) and carefully perusing the material placed on record, we see no reason to interfere with the impugned order passed by the High Court granting bail to respondent No.1 (Deepak Kochhar) herein. The special leave petition is, accordingly, dismissed," stated the Bench in its order.

The Bombay High Court had granted bail to Kochar on March 25, 2021, in the money laundering case while observing that there was no likelihood of him absconding or tampering with evidence.

Kochhar had approached the High Court after a special Mumbai Court rejected his bail plea in December 2020.

The ED had registered the money laundering case following an FIR 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 of the bank's policies.

( With inputs from ANI )

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