Chanda Kochhar granted bail, can’t leave India sans court nod

MUMBAI: Following a summons by the

special Prevention of Money Laundering Act

court, former ICICI Bank CEO Chanda Kochhar appeared before it on Friday and was granted

bail

on a bond of Rs 5 lakh. The

court

directed her to surrender her passport immediately and not leave the country without its permission.

The court also directed Chanda Kochhar to report to the Enforcement Directorate (ED) as and when required for further investigation and attend all the dates of the trial, unless exempted.

“The applicant (Chanda Kochhar) shall not tamper with the evidence or attempt to influence or contact the complainant, witnesses or any person concerned with the case. The applicant shall inform her latest place of residence, landline and mobile phone numbers as well as e-mail address immediately after being released,” the court said.

Her husband, Deepak Kochhar, has been in custody since September and was produced before the court on Friday.

Earlier, in a detailed order, the court had held that it appeared Chanda Kochhar had misused her official position in granting loans to V N Dhoot of

Videocon

group companies and got illegal gains through her husband.

Taking cognisance of the Enforcement Directorate’s chargesheet against the trio, the court had said that the material produced by the investigating agency constitutes offences under PMLA. “I am of the opinion that this material is sufficient to proceed against the accused persons,” the court said.

It also said that the ED was granted leave to continue with the investigation and take action as per the law. Dhoot too has been summoned by the court. The case will be heard again on March 12.