Videocon Loan Fraud Case: Bombay HC Allows Release Of Ex-ICICI CEO Chanda Kochhar & Husband, Says ‘Arrest Not In Accordance With Law’

Mumbai: The Bombay High Court on Monday allowed the release of former ICICI CEO Chanda Kochhar and her husband Deepak Kochhar from judicial custody after CBI arrest in the Videocon loan fraud case.

The HC was hearing pleas seeking their interim release by former ICICI Bank CEO and Managing Director Chanda Kochhar and her husband Deepak Kochhar, claiming their arrest by the CBI in connection with a case related to alleged irregularities in loans provided to Venugopal Dhoot-led Videocon Group was “illegal”.

“Accordingly the petitioner’s arrest not in accordance with law and not in compliance with section 41 A of criminal procedure code,” a division bench of Justice Revati Mohite-Dere and Justice Prithviraj K Chavan held, news agency ANI reported.

The Kochhars, held in the Videocon loan fraud case, will be released on a cash bail of Rs 1 lakh each, and will have to cooperate with the CBI.