Mumbai: A court on Tuesday rejected a bail plea of businessman Deepak Kochhar, husband of former ICICI Monetary institution CEO Chanda Kochhar and an accused in a money laundering case.
He changed into arrested by the Enforcement Directorate (ED) in September below the Prevention of Money Laundering Act (PMLA) in the alleged ICICI Monetary institution-Videocon money laundering case.
Particular PMLA procure PP Rajvaidya rejected the “unprecedented” bail software of Deepak Kochhar filed on merits of the case as in opposition to technical grounds.
Last month, the court had rejected his “default” bail plea, filed on the ground that the ED had didn’t file a price sheet in the case within the stipulated length.
The ED registered the money laundering case following an FIR registered by the Central Bureau of Investigation (CBI) in opposition to the Kochhar couple, Videocon Neighborhood promoter Venugopal Dhoot and others.
ED slapped money laundering expenses in opposition to the Kochhars and their commercial entities for “illegal sanctioning of loans amounting to Rs 1,875 crore to the Videocon Neighborhood of firms”.
From a Rs 300 crore mortgage sanctioned by a committee headed by Chanda Kochhar to Videocon Global Electronics Ltd, Videocon Industries Ltd transferred Rs 64 crore to Nupower Renewables Pvt Ltd (NRPL) on September 8, 2009, most productive a day after the disbursement of the mortgage by ICICI Monetary institution, the ED alleged.
NRPL, earlier identified as Nupower Renewables Ltd (NRL), is owned by Deepak Kochhar, the company talked about.
A “fetch earnings of Rs 10.65 crore changed into generated by NRL from these spoiled funds…Subsequently, proceeds of crime amounting to Rs 74.65 crore were transferred to or generated in NRPL,” the ED alleged.