Ex-ICICI Bank CEO Chanda Kochhar wins case against CBI, court says arrest not per law
- ByStartupStory | January 9, 2023
After Chanda Kochhar and her husband were detained in December with an alleged loan fraud case involving the bank and Videocon group, Indian court granted them bail.
Before she was fired as the CEO of ICICI in 2019 over claims that the bank sanctioned “high value” loans to Videocon in contravention of its lending regulations, Kochhar was one of India’s most prominent corporate figures.
The Central Bureau of Investigation (CBI) asserts that in exchange, the owner of Videocon made a financial investment in Kochhar’s spouse Deepak’s NuPower Renewables company. Late last month, the CBI detained Videocon Chairman Venugopal Dhoot. Allegations of loan fraud have been refuted by each party.
The Kochhars will be released on bail, the Bombay High Court ruled on Monday.
It claimed that the Kochhars had not cooperated with the inquiry and that the CBI’s arrests were “not in accordance with law.”
The order by judges Prithviraj K. Chavan and Revati Mohite Dere says, “The ground for arresting the petitioners as stated in the arrest memos, is unacceptable and is contrary to the reason(s)/ground(s) on which a person can be arrested.”
The Kochhars will be freed after posting a monetary bail of 100,000 rupees ($1,214) each.
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