ICICI Bank-Videocon Fraud Case: Bombay HC Orders Release Of Chanda Kochhar, Deepak Kochhar From Judicial Custody
The CBI arrested Chanda Kochhar and Deepak Kochhar arrested the couple on December 23 for their alleged involvement in a fraud case pertaining to loans given to Videocon Group
The Bombay High Court (HC) on Monday ordered the release of former ICICI Chief Executive Officer (CEO) Chanda Kochhar and her husband Deepak Kochhar from judicial custody.
The Central Bureau of Investigation (CBI) arrested Chanda Kochhar and Deepak Kochhar arrested the couple on December 23 for their alleged involvement in a fraud case pertaining to loans given to Videocon Group.
The HC observed, "Arrest not in accordance with the law." The couple has been released from the judicial custody on bond of Rs 1 lakh.
The HC on Friday reserved its order on the petitions filed by Chanda Kochhar and Deepak Kochhar over the issue of alleged "illegal arrest" by the CBI.
The release has been ordered on a cash bail of Rs 1 lakh each. The bench said the duo shall cooperate with the probe and attend the CBI office as and when summoned. The Bombay HC also asked Kochhars to surrender their passports to the CBI.
The order was passed on petitions filed by Chanda Kochhar and her husband challenging their arrest by the CBI in connection with the bank loan case.
The Kocchar couple had termed their arrest "illegal" on the ground that no sanction was obtained before their arrest by the CBI.
The central probing agency had named Chanda Kochhar, Deepak Kochhar as well as Videocon's Venugopal Dhoot along with Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd, and Videocon Industries Limited as accused in the FIR registered in 2019 under Indian Penal Code sections related to criminal conspiracy and provisions of the Prevention of Corruption Act.
The CBI alleged that ICICI Bank sanctioned credit facilities to the tune of Rs 3,250 crore to the companies of Videocon Group in violation of the Banking Regulation Act, RBI guidelines and the credit policy of the bank.
The agency also alleged that as a part of a quid pro quo, Dhoot made an investment of Rs 64 crore in Nupower Renewables through Supreme Energy Pvt Ltd (SEPL), and transferred SEPL to Pinnacle Energy Trust managed by Deepak Kochhar through a circuitous route between 2010 and 2012.
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