Bombay Court Grants Bail To Chanda Kochhar, Spouse Deepak In Fraud Loan Case

The Bombay High Court on Monday allowed the release of Chanda Kochhar, the former ICICI Bank managing director and chief executive officer, and her husband Deepak from judicial custody after their arrest by the CBI in the ICICI Bank-Videocon loan fraud case, news agency Asian News International reported. The couple had last month sought temporary bail to attend their son’s wedding, which is scheduled for January 15.

Bombay High Court allowed the release of the former ICICI CEO and her spouse on a cash bail of ₹1 lakh each and observed that the arrest was not in accordance with the law. The Kochhars, along with Videocon group founder Venugopal Dhoot, were arrested by the CBI late last month for their alleged roles in the case and the trio is currently in jail under judicial custody.

Chanda Kochhar had also approached the Bombay High Court on Tuesday claiming an “illegal” arrest by the Central Bureau of Investigation (CBI). The accused couple looked for interim release, however, the bench declined the urgent hearing of the plea and asked the petitioners to approach a regular bench when the court reopens. 

 Chanda Kochhar's Bail Plea Refused: 7 Things To Know

1.  Chanda Kochhar and Deepak Kochhar were arrested on 23 December, Friday by CBI in connection with the loan fraud case involving ICICI Bank and Videocon.
2. The case involved alleged corrupt practices in the sanction of a Rs 1,875 crore loan given by ICICI Bank to the Videocon Group between 2009 and 2011. 
3. In its preliminary inquiry, the CBI found the Videocon Group and companies associated were given six loans worth Rs 1,875 crore between June 2009 and October 2011.
4. These loans reportedly violated the laid-down policies of ICICI Bank. In 2012, the agency claimed the loans were declared non-performing assets causing a Rs 1,730 crore loss to the bank.
5. Earlier in 2021, a special PMLA (Prevention of Money Laundering Act) court granted bail to Chanda Kochhar in the case. PMLA court had issued a summons to the Kochhars after the ED’s chargesheet in the case. 
6. Deepak Kochhar was arrested in September 2020 in the connection with the case. The CBI on 26 December Monday got three-day custody of the Kochhar couple and Videocon Group Chairman Venugopal Dhoot. 
7. Now the arrest has been made, the couple claimed it to be illegal. The bench also asked to approach a regular bench after the Christmas-New Year holidays, when the court reopens.

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