Videocon loan fraud case: Ex-ICICI Bank CEO Chanda Kochhar, husband Deepak get bail

Mumbai, January 9: In a much needed relief to former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar, the Bombay High Court on Monday granted them bail in Videocon loan fraud case. The court maintained that their "arrest was not done in conformity with provisions of law".

The Central Bureau of Investigation (CBI) had arrested Chanda Kochhar and her husband Deepak Kochhar on December 23 last in Videocon loan fraud case. Currently, the couple are in judicial custody.

Granting bail to the former ICICI Bank CEO and her husband, A Division Bench of Justices Revati Mohite Dere and PK Chavan asked the couple to deposit a cash bail amount of Rs 1 lakh each with one or more sureties of the same amount.

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They were also directed to cooperate with the investigation and ensure their presence whenever summons are issued to them by the CBI office.

“We have held that the petitioners’ (Kochhars) arrest was not in accordance with provisions of law and this warrants their release,” the Bombay High Court said. Besides, the couple has also been directed to submit their passports to the CBI.

The scam

Notably, the Central Bureau of Investigation had named Chanda Kochhar, Deepak Kochhar as well as Videocon group founder Venugopal Dhoot along with Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Ltd as accused in the FIR.

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It was alleged that ICICI Bank sanctioned credit facilities to the tune of Rs 3,250 crore to these companies in violation of norms.