Chanda Kochhar ICICI Bank Fraud Case Update: Bombay High Court Restricts SFIO’s Interrogation Hours
The Bombay High Court has recently ruled in favor of businessman Deepak Kochhar, husband of former ICICI Bank Managing Director Chanda Kochhar, by limiting the hours during which the Serious Fraud Investigation Office (SFIO) can question him. This decision brings relief to Kochhar, ensuring that he can only be questioned during standard working hours, preventing late-night sessions that can strain his rights and well-being.
Background: The Allegations and Investigations
Deepak Kochhar has been under investigation due to alleged corruption involving a high-value loan of Rs 3,200 crore granted to the Videocon Group by ICICI Bank when Chanda Kochhar served as the bank’s Managing Director. Investigative agencies, including the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED), have been scrutinizing this loan since 2017. The investigation mainly focuses on whether there was a conflict of interest or inappropriate dealings between the Kochhars and Videocon.
In 2017, the CBI initiated a Preliminary Enquiry to investigate whether there was a connection between ICICI’s loan to Videocon and a significant investment by Videocon’s Venugopal Dhoot into Deepak Kochhar’s firm, Nupower Renewables Ltd. Following this, the ED also began examining the financial transactions linked to the case. This led to Deepak Kochhar’s arrests in 2020 and 2022 by these agencies, though he was later granted bail by the High Court.
SFIO’s Renewed Interest and the Court’s Intervention
After a period of three years without new developments, the SFIO issued a fresh summons to Kochhar on October 18, requiring him to appear for questioning. Kochhar responded by attending the SFIO office on October 22, arriving at 10:30 a.m. However, his questioning extended into the night, only ending around 10:10 p.m. This prolonged session prompted Kochhar to appeal to the Bombay High Court, asserting that the extended hours were unreasonable, especially for a senior citizen.
Court Arguments: Kochhar’s Legal Defense and SFIO’s Position
Representing Kochhar, Advocates Amit Desai and Ashwin Thool argued that SFIO’s late-night questioning was a violation of his rights. Kochhar’s legal team emphasized that he is not officially connected as a director, shareholder, or affiliate with the companies that SFIO is investigating, which he claimed reduced the relevance of these intense questioning sessions.
Kochhar’s plea also noted that other agencies, such as the CBI and ED, had previously investigated these transactions, making SFIO’s current actions potentially redundant. Further, Kochhar’s attorneys pointed out that prolonged questioning without reasonable intervals breached the rights afforded to any individual under investigation, especially given Kochhar’s senior citizen status.
Court Decision: Limiting SFIO’s Questioning to Working Hours
In response, the Bombay High Court bench, led by Justices Revati Mohite-Dere and Rohit Wasudeo Joshi, ruled that SFIO’s questioning sessions should only take place during standard working hours. This ruling is significant, as it sets boundaries on the investigative procedures applied to Kochhar. The court also emphasized the need for humane treatment of individuals undergoing investigation, ensuring that interrogations do not unreasonably extend beyond working hours without just cause.
Implications and Future Developments
Following this ruling, Kochhar will still need to appear before the SFIO, as he is summoned again on October 28 for additional questioning. However, with the court’s order in place, SFIO will now need to conduct their investigations within a standard timeframe, protecting Kochhar’s rights and ensuring that any future questioning sessions comply with the court’s ruling.
This case highlights the balance that must be maintained in investigative procedures, especially for senior citizens or those with limited roles in the core focus of an investigation. By enforcing these procedural guidelines, the Bombay High Court has underscored the importance of respecting individual rights, even amid high-stakes investigations into financial transactions and corporate governance issues.
