“Arrest not in accordance with the law”: Bombay High Court allows release of former ICICI CEO Chanda Kochhar and Deepak Kochhar

New Delhi: Bombay High Court today allowed the release of former ICICI CEO Chanda Kochhar and Deepak Kochhar from judicial custody after CBI arrest them in ICICI bank-Videocon loan fraud case.

The Court said, “Arrest not in accordance with the law.”

On Friday, the Bombay High Court reserved the order for Monday on the pleas of Chanda and Deepak Kochhar challenging their arrest and seeking an interim release.

The case is related to alleged irregularities and corrupt practices in the sanction of a Rs 1,875 crore loan disbursed by ICICI Bank to the Videocon Group between 2009 and 2011.

During its preliminary inquiry, the CBI found that six loans worth Rs 1,875 crore were sanctioned to the Videocon Group and companies associated with it between June 2009 and October 2011, in an alleged violation of the laid-down policies of ICICI Bank.

The agency claimed the loans were declared non-performing assets in 2012, causing a loss of Rs 1,730 crore to the bank.