ICICI-Videocon Fraud Case: No relief for Deepak Kochhar, Special Court rejects bail plea

Deepak Kochhar, who is in the custody for an ICICI Videocon money laundering case, filed his bail application in a special court on Wednesday over PMLA (Prevention of Money Laundering Act), but no relief for him as the special court rejects his bail plea. Deepak Kochhar is a husband of Former ICICI Bank CEO Chanda Kochhar.

The businessman, through his lawyer, applied for bail on merits as well as on account of default, claiming the prosecution has failed to file a charge-sheet in the case within the stipulated time period.

The central probe agency slapped money laundering charges against the Kochhars and their business entities for "illegal sanctioning of loans amounting to Rs 1,875 crore to the Videocon Group of companies".