Supreme Court Issues Notice to Ex-ICICI MD & CEO Chanda Kochhar and Husband on CBI’s Plea Against Bombay HC Order

Supreme Court Issues Notice to Chanda Kochhar and Husband In ICICI-Videocon Case

On Friday, the Supreme Court of India issued a notice to Chanda Kochhar, MD & CEO of ICICI Bank, and Her Husband Deepak Kochhar on a plea filed by the CBI against the Bombay High Court order declaring their arrest as “illegal”.  The CBI’s plea has prompted a bench of Justices Sanjiv Khanna and Sanjay Kumar to request a response. The temporary bail given to Chanda Kochhar, the former head of ICICI Bank, and her business spouse, Deepak Kochhar, was sustained by the Bombay High Court earlier in February.

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The Bombay High Court panel upheld the interim release judgment, stating that the couple’s detention by the CBI for allegedly engaging in loan fraud was “routine, without application of mind, and an abuse of power.” The action was characterized by the court as “casual, mechanical, and perfunctory.”

What is the ICICI Bank-Videocon loan fraud case?

In December 2022, the Kochhar family was arrested in relation to the alleged ₹3,250-crore loan fraud that involved Videocon. In its 2019 FIR, the CBI accused Chanda Kochhar’s ICICI Bank of breaking banking regulations by authorizing a ₹3,250 crore credit to the Venugopal Dhoot-led Videocon Group. The couple filed an appeal with the high court after their arrest, claiming that their detention was unlawful. They were granted interim bail by the high court in January 2023, with instructions to assist with the probe and appear before the CBI as needed. The Kochhars had not cooperated with the inquiry, the CBI argued, and their detention was required to determine the scope of the purported conspiracy and locate additional possible co-conspirators.

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