Mumbai: The Bombay High Court has granted bail to former ICICI Bank CEO Chanda Kochhar and her businessman-husband Deepak Kochhar. The Bombay High Court has granted bail while hearing a plea challenging the arrest. The court said that ‘they have not been arrested in accordance with law’. Pronouncing the order in clear terms, the court said, ‘The arrest of the couple is not in accordance with the mandate of Section 41A of CrPC’. Now the CBI is likely to go to the Supreme Court regarding this matter. The court has granted bail to the couple on a bond of Rs 1 lakh.
Arrest not in accordance with law: Bombay High Court
The CBI had on December 24 summoned the duo for questioning in connection with the 2012 bank loan fraud to the Videocon group. Accusing Chanda Kochhar and Deepak Kochhar, the CBI said that both are not answering the questions properly and are also not cooperating with the investigation. After which both were taken into custody. The couple’s lawyer Rohan Dakshini said the court granted them bail on the ground that the arrest was illegal. Chanda and Deepak appeared before the CBI in pursuance of a notice issued under Section 41A. Under this, if a person appears, he cannot be arrested unless he is tampering with evidence.
3250 crore fraud allegation
According to information, in 2012 Videocon Group was given a loan by ICICI Bank. Which later became NPA and was later called “Bank Fraud”. In September 2020, the Enforcement Directorate arrested Deepak Kochhar. In fact, in 2012, Chanda Kochhar-led ICICI Bank gave a 3,250 crore loan to the Videocon group and six months later Venugopal Dhoot-owned M/s Supreme Energy gave a 64 crore loan to M/s Nupower Renewables. In which Deepak Kochhar has 50% share.
The shareholder complained
Arvind Gupta, a shareholder of ICICI Bank and Videocon, has written to the Prime Minister, Reserve Bank and Sebi, accusing Videocon chairman Venugopal Dhoot and ICICI CEO and MD Chanda Kochhar of favoring each other. It claims that Dhoot’s company Videocon received Rs. 3250 crore loan was given and in return Dhoot invested in Nupower, an alternative energy company run by Chanda Kochhar’s husband Deepak Kochhar.