ICICI Bank Loan Fraud: Chanda Kochhar’s arrest not as per law, says High Court

ICICI Bank Loan Fraud: There is wedding around the corner in Chanda Kochhar’s family, and then comes the huge reprieve for her from the Court.

Chanda Kochhar, former ICICI bank CEO, and her husband Deepak Kochha will hopefully be freed before the January 15 wedding of their son,

ICICI Bank Loan Fraud: Saying their arrest last month was illegal, the High Court has presented the awaited reprieve by Chanda Kochhar. As per the Court, the former ICICI bank CEO, along with her husband Deepak Kochhar will be freed soon.

The Kochhar couple had challenged their arrest on December 23 by the CBI in a case linked to alleged irregularities in a loan of Rupees Three Thousand Cr provided to the Videocon Group during the Chanda Kochhar’s tenure as the private sector bank.

‘The timing was not appropriate’

Citing their son’s wedding Chanda Kochhar had also questioned the timing of the CBI arrest. The CBI also arrested Chairman of the Videocon Group, Venugopal Dhoot, along with Kochhar couple in the ICICI loan fraud case.

Before the High Court Kochhars argued that their arrest is not legal as they were complying with all conditions of the agency, including not tampering with the case.

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Court wanted to inquire into the question of compliance

Bombay High Court had made it clear last week, that it was hearing the Kochhars’ petitions to inquire into the question of compliance, not due to their son’s wedding.

some companies are also the accused

The cases of corruption and conspiracy were filed by the CBI against the Kochhars and Venugopal Dhoot. It had also made companies NuPower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd, along with Videocon Industries Limited, the accused in the loan fraud case.

‘RBI guidelines were violated’

The allegation of the CBI claims that a loan of Rupees 3,250 crore was sanctioned by the ICICI Bank to companies of the Videocon group violating the RBI guidelines, Banking Regulation Act, along with the credit policy of the bank.