Mumbai (Maharashtra) [India], November 13 (ANI): A Special PMLA Court on Thursday rejected the bail plea of businessman Deepak Kochhar who was arrested by the Enforcement Directorate (ED) in connection with Videocon-ICICI bank case.

The ED has earlier said that there was material in possession and reasons to believe that the Deepak Kochhar is guilty of the offences of money laundering as defined under sections of the Prevention of Money Laundering Act.

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The economic offences watchdog had said that Kochhar, who is the husband of former ICICI Bank CEO Chanda Kochhar, is involved in the laundering of the proceeds of crime and has been involved in projecting the proceeds of crime as untainted.

It said that he "directly attempted to indulge, knowingly assist, is knowingly a party and is actually involved in process or activity connected with the proceeds of crime and projecting it as untainted property".

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He is "in fact owning and continuing to enjoy the proceeds of crime generated from the criminal activity related to the scheduled offences in this case," the ED had said. (ANI)

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