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The Bombay High Court comprising a Single Bench of Justice P.D. Naik today granted bail to Businessman Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar, an alleged multi-crore money laundering case being investigated by the Enforcement Directorate. He was arrested last year in September by the central probe agency in the case involving ICICI Bank and the Videocon Group under Prevention of Money Laundering Act.

The Bench granted him bail on the condition he would execute a PR Bond of rupees 3 lakh and deposit is passport. The bail application was filed on merits and reserved for order, last month. 

It is to be noted that last month, Chanda Kochhar, 59, was granted bail in the same corruption case on a bond of ₹ 5 lakh by a Mumbai court.  She was told, however, that she won't be allowed to leave the country without the court's permission. Also, less than two weeks back, another dominant name in the case, Videocon Group promoter Venugopal Dhoot was granted bail too. 

The central probe agency that investigates financial crimes had registered a case on the issue on 30 January, 2019. An investigation against Deepak Kochhar, Chanda Kochhar, Venugopal Dhoot and their related firms began following the case registered by the Central Bureau of Investigation (CBI) on 22 January, 2019.

The Enforcement Directorate (ED) had arrested Deepak Kochhar in September 2020 after it filed a criminal case for money laundering based on an FIR registered by the CBI against the Kochhars, Dhoot and others.

The ED has alleged that Rs 64 crore, out of a loan amount of Rs 300 crore sanctioned by a committee of ICICI Bank headed by Chanda Kochhar to Videocon International Electronics, was transferred to Nupower Renewables (NRPL) by Videocon Industries on September 8, 2009, a day after the disbursement of loan.