ICICI loan fraud case: Bombay HC refuses to intervene in arrest of Kochhar couple

Mumbai: The Bombay High Court's vacation bench refused to intervene in the case of former ICICI Bank MD and CEO Chanda Kochhar and Deepak Kochhar's arrest.

The High court has also asked them to approach the regular bench when court re-opens after vacation.

They approached the HC challenging their arrest by CBI in the ICICI loan fraud case.

The loan fraud case

ICICI Bank's former CEO Chanda Kochhar and her husband Deepak Kochhar was arrested by the CBI over irregularities in loans granted to the Videocon Group, when she was in charge.

Back in 2018, Chanda Kochhar was forced to step down after facing accusations of following lending practices that were biased in favour of consumer electronics and gas exploration firm Videocon.

Irregularities were detected in loans worth more than Rs 3,000 crore, and Deepak Kochhar, along with other family members, benefited from the transaction under Chanda Kochhar's watch.

Third arrest by CBI

On Monday, CBI made the third arrest in the case with Videocon CEO, Venugopal Dhoot's arrest.

The Kochhars' and Dhoot's link was highlighted as Chanda Kochhar was the then company shareholder and sanctioned the loan to Videocon.

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Published on: Tuesday, December 27, 2022, 11:38 AM IST