The Bombay High Court, while granting bail to both, said that their arrest was not according to the law. The CBI arrested Chanda Kochhar and her husband Deepak Kochhar in the loan fraud case.
The Bombay High Court has ordered the CBI to release Chanda Kochhar and her husband from CBI custody. The court has granted him bail on a bond of Rs 1 lakh.
The CBI had summoned the two on December 23 for questioning in connection with alleged fraud and irregularities in a loan sanctioned by the bank to the Videocon group in 2012.
The CBI alleged that they were evasive in answering and were not cooperating in the investigation. After which the husband-wife was taken into custody.
A few days later, on 26 December, Videocon Group founder Venugopal Dhoot was also arrested.
Chanda Kochhar took over as Managing Director (MD) and Chief Executive Officer (CEO) of ICICI Bank in May 2009, after which she allegedly sanctioned illegal loans to Videocon group companies.
ICICI Bank loans of Rs Rs 1,875 crore loan to Videocon group companies turned a non-performing asset (NPA) in 2017. According to CBI, this resulted in loss to the bank.