Chanda Kochhar, husband freed from jail in ICICI Bank-Videocon loan fraud case

Chanda Kochhar, husband freed from jail in ICICI Bank-Videocon loan fraud case

In connection with an alleged money laundering case, former ICICI CEO Chanda Kochhar was released from Byculla Prison on Tuesday, and her husband Deepak Kochhar was released from Arthur Road Jail.

Chanda Kochhar, husband freed from jail in ICICI Bank-Videocon loan fraud case

While granting them bail on Monday, the Bombay High Court noted that their “arrest was not in compliance with the law.”

The former CEO and MD of ICICI Bank and her husband were granted temporary reprieve by the Bombay High Court, but the court made the observation that the police must always document their actions in writing, even if they decide not to arrest someone.

“It is also obligatory upon courts to satisfy themselves that due compliance with Sections 41 and 41-A is present, lacking which, the same will ensure the advantage of the person suspected of the offence, entitling the person to be released on bail,” the court continued.

The order further stated that there has to be a direct connection between the evidence in front of the officer and how he came to hold the belief. There must therefore be a logical relationship between the two.

Chanda Kochhar, husband freed from jail in ICICI Bank-Videocon loan fraud case
Chanda Kochhar, husband freed from jail in ICICI Bank-Videocon loan fraud case

The court stated, “We may observe, that ‘reason to believe’ must be based on trustworthy material and no decision to arrest can be made on fancy or whimsical grounds.

The reasoning given in the arrest papers for the petitioners’ arrest strikes us as sloppy, mechanical, and rote—clearly lacking in thought—in light of the aforementioned facts. According to the arrest documents, Sections 41, 41-A, and 60-A of the law were flagrantly violated by the petitioners, which is why they were detained. Examine the list.

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The senior counsel who represented Chanda Kochhar in the petition said, “We should take out that, in light of the judgements reached by us above, we have not evaluated the other reasons put up by Mr. Desai.

This argument focused on the claim that, in accordance with the mandate, a female officer was not present at the time of the petitioner’s arrest. The petitioners are qualified to be released on bail until the hearing and decision on the aforementioned petitions for the grounds outlined above.”

The Kochhar couple were granted release from judicial detention on a monetary bond of Rs. 1 lakh apiece after the court found that their arrest was “not in conformity with the law.”

The pair was detained by the Central Bureau of Investigation on December 23 in connection with the Videocon-ICICI loan scam case, and the agency had fought to keep them in custody.

Chanda Kochhar, husband freed from jail in ICICI Bank-Videocon loan fraud case
Chanda Kochhar, husband freed from jail in ICICI Bank-Videocon loan fraud case

The issue concerns alleged errors and unethical behavior in the approval of a $1,875 billion loan given to the Videocon Group by ICICI Bank between 2009 and 2011.

The CBI discovered during its initial investigation that between June 2009 and October 2011, six loans totaling 1,875 crore were approved for the Videocon Group and businesses connected to it, allegedly in violation of ICICI Bank’s established norms.

The government asserted that the bank suffered a loss of $1,730 crore when the loans were classified as non-performing assets in 2012.

Who is Chanda Kochhar?

Former managing director (MD) and chief executive officer (CEO) of ICICI Bank was Chanda Kochhar, previously Advani.

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Her birthday is November 17, 1961. 2018 saw her leave her job due to a conflict of interest. She was then fired by ICICI Bank, and the Supreme Court of India later upheld that judgment.

Kochhar is purportedly accused of money laundering in India. In connection with allegations of loan fraud, the Central Bureau of Investigation detained her in December 2022.

For conspiring to provide Videocon with high-value loans in 2009, a case was brought in 2019.

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