DEEPAK VIRENDRA KOCHHAR Vs. DIRECTORATE OF ENFORCEMENT

JUDGEMENT

(1.) This is an application for bail in connection with ECIR/02/HIU/2019 registered by Enforcement of Directorate, Mumbai for offence punishable under Section 3 read with Section 4 of the Prevention of Money Laundering Act, 2002 (hereinafter referred to as "PMLA" for short).

(2.) First Information Report was registered by CBI, BS and FC, New Delhi on 22nd January 2019 bearing No.RCBD1/2019/E/0001 under Section 120-B and 420 of Indian Penal Code (for short "IPC") and Sections 7 and 13(2) read with Section 13(1) (d) of Prevention of Corruption Act, 1988. FIR was registered against the following accused for causing loss to ICICI Bank by sanctioning loans to Videocon Group of Companies in contravention of the Rules and Policies of ICICI Bank.

(3.) On the basis of the aforesaid FIR, respondent No.1 recorded ECIR/02/HIU/2019 on 31st January 2019 against same accused. It was alleged that FIR has been registered by CBI New Delhi in respect of criminal conspiracy, cheating, misconduct by public servant. The alleged offences were committed during the period from 2009 to 2012. In the FIR it is alleged that, during the period from June-2009 to October-2011, ICICI Bank sanctioned 6 high value loan to Videocon Group of Companies. On 26th August 2009, Rupee Term Loan (RTL) of Rs. 300 Crores was sanctioned by the Sanctioning Committee to M/s VIEL in contravention of rules and policy of the Bank. Loan was disbursed to VIEL on 7th September 2009. On 8th September 2009, Mr. V. N. Dhoot transferred amount of Rs. 64 Crores to M/s. NuPower Renewables Ltd (NRL) from VIL through his Company, SEPL. Mr. Deepak Kochhar (applicant) was managing NRL. Thus, Ms. Chanda Kochhar got illegal gratification/undue benefit through her husband from VIL/Mr. V. N. Dhoot. The Sanctioning Committees of ICICI Bank had also sanctioned loan to Videocon Group Companies for the purpose of repaying the unsecured loan availed by Companies from M/s. VIL. It is alleged in FIR that, loans were sanctioned in violation of credit policy of the Bank. These loans turned NPA. It is alleged in FIR that, SEPL was transferred to PET managed by Mr. Deepak Kochhar. Various financial transactions connected with loans availed by Videocon Group of companies have resulted in wrongful loss to ICICI Bank. The various financial transactions conducted are punishable under Sections 120-B and 420 of IPC and Section 7 and 13(2) read with Section 13 (1) (d) of Prevention of Corruption Act, 1988. These are scheduled offences under paragraph Nos.1 and 8 respectively of part A of the Schedule under Section 2 (1) (y) of Prevention of Money Laundering Act, 2002. The case under PMLA was recorded to look into offence of Money Laundering as defined under Section 3 of PMLA and punishable under Section 4 of the said Act.