Chanda Kochhar, Husband Granted Bail In Loan Fraud Case by Bombay HC

MUMBAI: The Bombay High Court on Monday granted bail to former ICICI bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar in the loan fraud case. The couple had filed a petition alleging that it was an illegal arrest.

In its interim orders, the division bench of Justice Revati Mohite Dere and Justice Prithvi Raj Chavan stated that the arrests were not in accordance with the mandate of 41A of the CRPC, said the court while pronouncing the order.

The Bombay High Court on Monday directed the release of former ICICI bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar in a petition alleging illegal arrest. The order is interim in nature.
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The CBI  arrested Chanda Kochhar and her husband Deepak Kochhar in connection with alleged cheating and irregularities in loans sanctioned by the bank to the group in 2012, officials on December 24 last year. This was in connection with the case where Chanda Kochhar, her husband, and Venugopal Dhoot of Videocon Group, along with companies Nupower Renewables, Supreme Energy, Videocon International Electronics Ltd, and Videocon Industries Limited, were named as accused in the FIR registered under IPC sections related to criminal conspiracy and provisions of the Prevention of Corruption Act, they said.

The irregularities pertained to the grant of loans worth around Rs 1,575 crore to five firms of the Videocon Group between June 2009 and October 2011. The loans were granted in contravention of the rules and policy of sanctioning committee, the CBI stated and the total misappropriation was to the tune of Rs.1,730 crore as of 2012 when the case was filed.

Also Read: Videocon Loan Case: Ex-ICICI Bank CEO-MD Chanda Kochhar, Husband Deepak Kochhar Arrested