Loan Fraud Case: Chanda Kochhar, her husband Deepak Kochhar released from jail, Bombay High Court raps CBI

Pankaj Prasad
Videocon ICICI bank loan fraud case
Videocon ICICI bank loan fraud case

The Kochhar couple filed a bail petition in the Bombay High Court terming their arrest as illegal and arbitrary.

Former CEO and MD of ICICI Bank Chanda Kochhar and her husband Deepak Kochhar came out of jail on Tuesday after getting bail in the loan fraud case. The Kochhar couple had been granted interim bail by the Bombay High Court a day earlier. Chanda Kochhar was lodged in Mumbai's Byculla Women's Jail and her husband Deepak Kochhar at Arthur Road Jail after their arrest in the loan scam case. The CBI had arrested both of them on December 23, 2022, in the Videocon-ICICI bank loan fraud case. 

The Kochhars had filed a bail petition in the Bombay High Court, terming their arrest as illegal and arbitrary. Hearing on which the Bombay High Court granted interim bail to both of them on Monday. During the hearing, the High Court also lambasted the CBI. The court said that the CBI had made arrests in this case without applying any mind. Explain that the CBI has named Chanda Kochhar, her husband Deepak Kochhar, Videocon Group founder Venugopal Dhoot as well as Deepak Kochhar's company Nupower Renewables, Supreme Energy, Videocon International Limited and Videocon Industries Limited in the FIR registered in the loan scam case. 

What is the case

CBI had registered a case in the year 2019 in the Videocon ICICI Bank loan scam. CBI alleges that during the leadership of Chanda Kochhar, ICICI Bank had given credit facility of Rs 3250 crore to the accused companies by going against the rules. It is alleged that Venugopal Dhoot had invested Rs 64 crore in Deepak Kochhar's company Nupower Renewables through his company Supreme Energy Private Limited. Also, Supreme Energy Pvt Ltd was transferred to Pinnacle Energy Trust managed by Deepak Kochhar during the years 2010-2012.