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Bombay High Court says Chanda Kochhar’s arrest was illegal in ICICI Bank Fraud Case


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The Bombay High Court has granted relief to Chanda Kochhar, the former CEO and MD of ICICI Bank, in connection with alleged irregularities in loans provided to Videocon Group firms. The court confirmed an earlier order granting interim bail to Kochhar, stating that her arrest was illegal.

Background of the Case

Chanda Kochhar and her husband, Deepak Kochhar, were arrested on December 23, 2022, in relation to the Videocon loan case. However, they were later released on January 9, 2023, with interim bail from the Bombay High Court. The Supreme Court had directed the high court to expedite the hearing after noting multiple bail extensions.

During the recent hearing, Kochhar’s counsel clarified that they were not seeking to quash the FIR but had challenged the bank’s sanction to prosecute her in a separate proceeding. They argued that the arrest was illegal, as it violated the mandated procedures under sections 41A and 46 of the Criminal Procedure Code (CrPC).

Arguments Presented

The Central Bureau of Investigation (CBI) countered, stating that the interim order only considered the arrest memo and did not include the case diary and remand application. They claimed that with the charge sheet filed, documents could be presented to prove non-cooperation. The CBI also argued that there was no bar on a male police officer arresting a female accused if physical interaction did not occur and the arrest was made in the presence of a female police officer.

Allegations and Charges

The CBI’s FIR in 2019 implicated Chanda Kochhar, her husband Deepak Kochhar, Venugopal Dhoot (Chairman of Videocon Group), and companies including Nupower Renewables, Supreme Energy Pvt., Videocon International Electronics Ltd., and Videocon Industries Ltd. The agency alleged that ICICI Bank sanctioned ₹3,250 crore to Videocon Group companies, violating banking regulations, RBI guidelines, and the bank’s credit policy. The CBI further alleged that in 2009, a committee led by Chanda Kochhar approved a term loan for Videocon International Electronics Ltd., violating bank rules. The CBI had filed its chargesheet in the case in July of the previous year.

Conclusion

The Bombay High Court’s recent decision allows Chanda Kochhar to challenge her arrest in the Videocon loan case. The court held that her arrest was illegal and granted interim bail. The case involves allegations of irregularities in loans provided to Videocon Group firms by ICICI Bank.

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