Former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar released from jail
The High Court on Monday granted them interim bail and came down heavily on the Central Bureau of Investigation (CBI) for the ‘casual and mechanical’ and mindless arrests.
Former ICICI Bank CEO and Managing Director Chanda Kochhar and her husband Deepak Kochhar were released from jail on Tuesday in the Videocon Bank loan scam case, police said.
This comes a day after the Bombay High Court granted interim bail to the couple. Chanda Kochhar was released from Byculla Women’s Jail while her husband was released from Arthur Road Jail, the official added. The High Court on Monday granted them interim bail and came down heavily on the Central Bureau of Investigation (CBI) for the ‘casual and mechanical’ and mindless arrests.
The couple was in judicial custody since December 23, 2022, when the police first arrested them. Following their arrest, they filed a petition in the Bombay High Court challenging it as illegal and arbitrary.
The CBI has indicted the Kochhars, Videocon Group founder Venugopal Dhooth along with Navdar Renewables (NRL), which is managed by Deepak Kochhar – Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Ltd. 2019 under sections of Indian Penal Code relating to provisions of Criminal Conspiracy and Prevention of Corruption Act.
The central agency alleged that between 2009 and 2018, ICICI Bank, headed by Chanda Kochhar, provided credit facilities to the tune of Rs 3,250 crore to these companies in violation of norms.
As part of a quid pro quo (Latin expression meaning “anything”), Dood invested Rs 64 crore in Nupower Renewables through Supreme Energy Private Limited (SEPL) and transferred SEPL to Pinnacle Energy Trust. Managed by Deepak Kochhar in an orbit between 2010 and 2012.
ICICI bank-Videocon loan fraud case| Ex-ICICI CEO Chanda Kochhar (in top 2 pics) released from Byculla Prison & her husband Deepak Kochhar (bottom pics) released from Arthur Road prison
“Arrest not in accordance with the law,” Bombay HC observed while granting bail to them y’day pic.twitter.com/341Xx2HAau
— ANI (@ANI) January 10, 2023