Mumbai: Former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar a day after the Bombay High Court enlarged them on bail in a loan fraud case have been released from jail on Tuesday. Deepak walked out of the Arthur Road prison while Chanda was released from the woman's prison from Byculla.
The Kochhars were arrested on December 23, 2022 in connection with the Videocon-ICICI Bank loan case. Both filed petitions before the Bombay High Court challenging their arrest, terming it as illegal and arbitrary. The HC while granting them interim bail passed strictures on the central agency for making the arrest in a "casual and mechanical" manner and without application of mind.
The couple, Videocon group founder Venugopal Dhoot along with Nupower Renewables (NRL) - managed by Deepak Kochhar - Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Ltd were named as accused in the FIR (first information report) linked to the case registered in 2019 under the Indian Penal Code sections pertaining to criminal conspiracy and provisions of the Prevention of Corruption Act.
The CBI alleged that the ICICI Bank, led by Chanda Kochhar from 2009 to 2018, sanctioned credit facilities to the tune of Rs 3,250 crore to these companies in violation of norms. It also charged that as a part of quid pro quo (Latin expression literally meaning "something for something"), Dhoot made an investment of Rs 64 crore in Nupower Renewables through Supreme Energy Pvt Ltd (SEPL), and transferred SEPL to Pinnacle Energy Trust managed by Deepak Kochhar through a circuitous route between 2010 and 2012. (with Agency inputs)
