ICICI Bank-Videocon Loan Fraud Case: Chanda Kochhar, Husband Deepak Walk Out Of Jail

New Delhi: Former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar were released from jail on Tuesday morning. Earlier on Monday, the Bombay High Court had granted them interim bail in a loan fraud case.

While Deepak Kochhar was released from Arthur Road Jail, his wife was freed from Byculla Women’s Prison.

On December 23, 2022, the CBI had arrested Kochhars in connection with the Videocon-ICICI Bank loan case.

The couple had filed petitions in the Bombay High Court challenging their arrest, terming it as illegal and arbitrary.

The CBI named the Kochhars, Videocon group founder Venugopal Dhoot along with Nupower Renewables (NRL) – managed by Deepak Kochhar – Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Ltd as accused in the FIR (first information report) linked to the case registered in 2019 under Indian Penal Code sections pertaining to criminal conspiracy and provisions of the Prevention of Corruption Act.

The central agency has alleged that ICICI Bank, headed 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.

Sunil Kumar Dhangadamajhi

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