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The Supreme Court on Friday deferred hearing a plea filed by the Enforcement Directorate (ED) which had challenged an order of the Bombay High Court, allowing bail to ex-ICICI CEO Chanda Kochhar's husband Deepak Kochhar, in the ICICI-Videocon money laundering case.

A bench of the Chief Justice of India NV Ramana, Justice Surya Kant and Justice Hima Kohli said that, "We’ll hear the matter and decide."

Solicitor General of India Tushar Mehta had submitted that the case be tagged and heard along with petitions which shall decide the larger question surrounding interpretation of the Prevention of Money Laundering Act as well as the contours of powers of the Enforcement Directorate.

However, the bench considered it appropriate to hear the case on its own. It is pertinent to mention that this batch of pleas includes petitions concerning the Karti Chidambaram INX media case, Akali Dal Minister Sarwan Phillaur's corruption case, e-Tender scam in Madhya Pradesh as well as the money laundering charges against diamond trader Ritesh Jain and others.

The Bombay High Court had allowed bail to Kochhar stating that, "The entire loan of ICICI Bank was repaid in 2012. Prior to arrest, applicant had appeared before respondent No.1 on several occasions. His statements were recorded and documents were tendered."

Kocchar has been an accused in a case registered by ED, Mumbai for offence punishable under Section 3 read with Section 4 of the Prevention of Money Laundering Act, 2002 for for causing loss to ICICI Bank by sanctioning loans to Videocon Group of Companies in contravention of the Rules and Policies of ICICI Bank.

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.

Cause Title: Directorate of Enforcement Vs. Deepak Virendra Kochar