Friday, February 3rd, 2023 04:46:57

Bail to Chanda and Deepak Kochhar in loan fraud case: Bombay High Court said – Arrest not according to law

Updated: January 9, 2023 5:23 pm

New Delhi: Former ICICI Bank CEO Chanda Kochhar and her businessman-husband Deepak Kochhar have been granted bail by the Bombay High Court. The court has ordered bail while hearing the petition challenging the arrest. The court said that ‘their arrest has not been done according to the law’.

While narrating the order in clear words, the court said, ‘The arrest of the couple is not in accordance with the order of Section 41A of the CrPC’. At the same time, now the CBI can approach the Supreme Court regarding the matter. In fact, on December 24, the CBI called both of them for questioning in the case of loan fraud by the bank to the Videocon group in the year 2012. Accusing Chanda Kochhar and Deepak Kochhar, the CBI had said that both are not answering the questions properly as well as not cooperating in 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 compliance of the notice issued under Section 41A. Under this, if a person appears, he cannot be arrested unless it is found that he is tampering with the evidence.

In the year 2012, ICICI Bank gave a loan of Rs 3,250 crore to Videocon Group. At the same time, after the loan was given, it became a non-performing asset (NPA) and later it was declared a bank fraud. Chanda Kochhar’s husband Deepak Kochhar was arrested by the Enforcement Directorate in the month of September 2020. It is alleged that Chanda Kochhar benefited husband Deepak’s company. At the same time, after its disclosure, she had to resign from the bank in the year 2018.

Arvind Gupta, shareholder of ICICI Bank and Videocon, wrote a letter to the Prime Minister, Reserve Bank and SEBI, accusing Venugopal Dhoot, Chairman of Videocon, and Chanda, CEO and MD of ICICI, of benefiting each other. It claims that Dhoot’s company VIdeocon was given a loan of Rs 3250 crore from ICICI Bank and in return Dhoot invested money in Chanda Kochar’s husband Deepak Kochar’s alternative energy company ‘Nupavar’.

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