Deepak Kochhar moves Bombay HC for quashing of prosecution complaint

Deepak Kochhar, the husband of former ICICI Bank CEO Chanda Kochhar, has moved the Bombay High Court challenging the proceedings against him initiated by the Enforcement Directorate (ED) in the alleged ICICI Bank-Videocon money laundering case.

Kochhar has moved to the high court through his Advocate Dadhichi Mhaispurkar under Section 482 of CrPC and seeking the High Court’s intervention to quash the Special Prevention of Money Laundering Act (PMLA) court's order taking cognisance of the prosecution complaint (the equivalent of the charge sheet) against him.

As per the Bombay High Court website, Justice Revati Mohite Dere will hear the matter on September 8.


The ED registered the money laundering case following an FIR registered by the Central Bureau of Investigation (CBI) against the Kochhars, Videocon Group promoter Venugopal Dhoot and others. The central investigation agency is investigating the alleged involvement of Kochhar’s and their business entities for ‘illegal sanctioning of a loan of about Rs 1,875 crore to Videocon Group firms.’

The investigation by ED had allegedly revealed that ICICI Bank disbursed a loan of Rs 300 crore (Rs 283.45 crore actual disbursed amount) to Videocon International Electronics Ltd (VIEL) on September 7, 2009, when Chanda was at the helm.

On the next day, Rs 64 crore was transferred out of the loan received by the VIL group from ICICI and transferred to NuPower Renewables Pvt Ltd (NRL) through Supreme Energy Private Ltd (SEPL).

ED had termed Rs 64 crores as proceeds of crime and is treating it as ‘quid pro quo for the loan sanctioned to the VIL group by ICICI when Chanda was heading it.

Earlier on May 25, the Bombay High Court had granted him bail. Last year in September, he was arrested by the Enforcement Directorate (ED) under the Prevention of the Money Laundering Act (PMLA) for his alleged involvement in the money laundering case.