Bombay High Court: Two separate petitions were filed by Chanda Kochhar and her husband Deepak Kochhar seeking relief in connection with their arrest in the ‘ICICI Bank – Videocon Loan Fraud Case’. The Court reportedly declared the Kochhars’ arrest illegal and confirmed an interim order on their release, which was initially granted last year based on a finding that the arrest did not comply with sections 41A and 41(1)(b)(ii) of Criminal Procedure Code.
Former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar were arrested in connection with the ‘ICICI Bank – Videocon Loan Fraud Case’. The case involved allegations of irregularities in loans granted to Videocon Group by ICICI Bank between 2009-2012, totaling around Rs. 1,575 crore.
As per reports, the court found procedural lapses in the arrest process, including insufficient grounds for arrest and lack of proper documentation. The Kochhars had filed separate petitions seeking the quashing of the FIR and remand orders, citing concerns about the timing of their arrest just before their son’s wedding.
The High Court’s decision highlighted the importance of procedural adherence and safeguards in criminal investigations, emphasizing that lack of confession does not imply non-cooperation with the investigation. The court criticized the reasons cited by the CBI for the arrest and underscored the need for proper recording of satisfaction by the judge. Ultimately, the court ruled in favor of the Kochhars, declaring their arrest illegal and confirming their interim release order.
Source: Press
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