ICICI-Videocon loan fraud case: Chanda Kochhar, husband Deepak released from jail

Former ICICI Bank MD and CEO Chanda Kochhar and her businessman-husband Deepak Kochhar were released from jail on Tuesday morning. This came after the Bombay High Court ordered their bail, stating that their arrests were not in accordance with the law. Chanda Kochhar was released from Byculla jail, and Deepak Kochhar was released from the Arthur Road prison. 

The Kochhars were allowed bail by the court on Monday, after the husband-wife duo petitioned the court arguing that their arrest was illegal. They were allowed bail, and were asked to furnish a provisional cash bail of Rs 1 lakh each. 

The bench found that the arrests were made in violation of the law that states that a notice must be sent before the appearance of the concerned police officer. They said that Chanda Kochhar was arrested by a male officer and there was no woman officer present, as shown in the memo. Their lawyers also argued that the Kochhars cooperated during the investigation. 

It was also reported that the Kochhars had sent out an invitation for their son, Arjun Kochhar’s wedding celebrations, a day before their arrest. Deepak Kochhar’s lawyer questioned the timing of the arrest during the arguments in the court. The lawyer argued that the CBI took five years to arrest Kochhar when he had three of the four judicial orders in his favour. 

"Why didn't you arrest him when he was in custody for six months… It is the abuse of power. Why arrest now… when his son's wedding is in 15 days? It's most unfortunate, most inhuman," the lawyer said in the court.

The Kochhars, along with Videocon’s Venugopal Dhoot, were arrested over allegations of loan fraud. The CBI alleged that Chanda Kochhar, who was heading ICICI Bank, approved loans to Videocon Group and received kickbacks by way of Dhoot’s investment in her husband’s company Nupower Renewables. The loans sanctioned to Videocon eventually turned into NPAs. ICICI Bank sanctioned credit facilities to the tune of Rs 3,250 crore to Videocon.

(With agency inputs)

Also read: Wedding of ex-ICICI Bank CEO Chanda Kochhar's son fixed for Jan 2023: All about Arjun Kochhar

Also read: ICICI Bank-Videocon loan fraud: Bombay High Court grants bail to Chanda, Deepak Kochhar