A special court on Thursday rejected the default bail appeal of businessman Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar and an accused in money laundering case. Deepak Kochhar was arrested by the Enforcement Directorate in September under PMLA act in the ICICI Bank-Videocon money laundering case.  The special PMLA judge rejected his default bail plea, while the one filed on merits is posted for hearing on November 23, ED's lawyer Hiten Venegaokar said.

The ED had arrested Deepak Kochhar in September after it filed a criminal case of money laundering after studying an FIR registered by the CBI against the Kochhars, Videocon Group promoter Venugopal Dhoot and others. The central probe agency slapped money laundering charges against the Kochhars and their business companies for "illegal sanctioning of loans amounting to Rs 1,875 crore to the Videocon Group of companies".

The agency had alleged that the "net revenue of Rs 10.65 crore was generated by NRL from these tainted funds". "Hence, proceeds of crime amounting to Rs 74.65 crore were transferred to or to say generated in NRPL," the ED had claimed.

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