ICICI-Videocon case: Kochhar gets bail

Kocchar had approached the high court after a special court in the city rejected his bail plea in December last year. 

Justice P D Naik of the high court, while granting bail to Kochhar on Thursday, directed him to furnish a personal bond of Rs three lakh. 

The high court also directed Kochhar to surrender his passport before the special court in the city hearing the Prevention of Money Laundering Act (PMLA) cases, and asked him to co-operate with the probe. 

Kochhar was arrested by the ED in September last year under the PMLA in the alleged ICICI Bank-Videocon money laundering case. 

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 firms in contravention of the policies of the ICICI. 

Kochhar had argued the ED had taken note of all the alleged proceeds of the crime in the case, so there was no chance of him creating any third party rights or interfering with the probe if out on bail. 

He had also said in his bail plea the entire case against him was based on documentary evidence.