It is known that Chanda Kochhar the former Chief Executive Officer of ICICI bank was arrested in connection with a multi-crore scam. As the investigating officers reportedly gathered information against her that she was involved in a few violations she was arrested in the case earlier.
Now the former CEO got a big relief as she was given bail. Hearing a petition, Chanda Kochhar and her husband Deepak Kochhar were given bail. The Bombay High Court issued orders to free the couple from judicial custody in connection with the ICICI Bank Videocon Loan Fraud Case.
The couple moved the court alleging that they were not arrested as per the law. They also filed separate petitions seeking bail in the case as their son’s wedding is slated for commencement this month. Considering all this, the Bombay High Court granted a big relief.
Reports said that the lawyers representing the court told the court that a female officer was not present when Chanda Kochhar was arrested. However, the CBI refused the allegations and said that that did not happen.
After hearing the arguments of both sides, the bench of the Bombay High Court is believed to have maintained that the arrests were not made as per the provisions of the law and issued orders for their release. “We have held that the petitioners’ (Kochhars) arrest was not in accordance with provisions of law and this warrants their release,” the court said.
Chanda Kochhar and Deepak Kochhar were arrested by the investigating agency Central Bureau of Investigation(CBI) in December in connection with the ICICI Bank-Videocon loan fraud case. The allegations are that thousands of crores are sanctioned to the group.
It is said that many violations took place when the Videocon group was given the big loan. Chanda Kochhar was the CEO of the private bank ICICI and she is said to have been involved in the violations.
The CBI which is probing the matter had gathered evidence against Chanda Kochhar and Deepak Kochhar and arrested the couple. They were sent to judicial custody. Now the couple was given a big relief in the multi-crore scam by giving bail.
