The Bombay High Court has confirmed the interim bail granted to former ICICI CEO Chanda Kochhar and her husband Deepak Kochhar in the Videocon Loan Fraud Case.

Confirming the interim bail granted to the Kochhars on January 9, 2023, a division bench of the Bombay High Court, consisting of Justice Anuja Prabhudesai and Justice NR Borkar, declared the couple's arrest as illegal.

Following allegations from a whistleblower, the CBI registered a case against the duo, asserting that Chanda had sanctioned loans amounting to Rs. 3250 crore to the Videocon group. It was alleged that this was done in exchange for investments by the Videocon group in Deepak Kochhar's company. Subsequently, the loan extended to the Videocon group was categorized as a non-performing asset (NPA).

On December 24, 2022, the CBI arrested the husband-and-wife duo, who are presently in judicial custody. Alongside them, Venugopal Dhoot of the Videocon group was also apprehended by the CBI.

In the order granting interim bail to the Kochhars, the division bench of the High Court highlighted that the arrest did not comply with Section 41A of the Code of Criminal Procedure. Senior Advocate Amit Desai, representing the Kochhars, emphasized the need to quash the FIR. This was asserted as the couple had filed a fresh petition contesting the sanction granted by ICICI Bank to prosecute them.

Advocate Kuldeep Patil, representing the CBI, argued that the interim bail was granted solely based on the arrest memo and did not take into account the case diary and remand application. Additionally, he asserted that there was evidence indicating non-cooperation from Chanda Kochhar.

Case title: Chanda Kochhar & Anr vs CBI