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Ex-ICICI Bank CEO Chanda Kochhar, husband released from Mumbai jail in Videocon loan fraud case

ICICI Bank-Videocon Loan Fraud Case: Chanda Kochhar and her husband Deepak Kochhar have been released from jail today in the loan fraud case. Yesterday, the Bombay High Court granted bail to the Kochhars.

By Ruchi Upadhyay 
Updated Date

Mumbai: Chanda Kochhar, former CEO and Managing Director of ICICI Bank, has been released from jail in Mumbai after getting bail in the ICICI Bank-Videocon loan fraud case. Yesterday, on January 9, the Bombay High Court granted bail to former ICICI Bank CEO Chanda Kochhar and her husband Deepak.

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While granting bail to Chanda Kochhar and her businessman-husband Deepak Kochhar yesterday, the Bombay High Court made important remarks saying that their arrest was not done according to the law. The court ordered the bail while hearing a petition challenging the arrest.

Kochhar 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.

There is an allegation of irregularities in the loan of 3,250 crores
It is alleged that Videocon promoter Venugopal Dhoot allegedly invested crores of rupees in NuPower after the Videocon group got a loan of Rs 3,250 crore from ICICI Bank in 2012. In the year 2019, after registering the FIR, the CBI had said in a statement that the accused had sanctioned some loans to private companies in a criminal conspiracy to cheat ICICI Bank.

Chanda Kochhar left the post of CEO in 2018
Chanda Kochhar resigned as the CEO and Managing Director of ICICI Bank in October 2018. He was accused of favoring a Videocon group.

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